Tripartite Memorandum of Understanding for the Plan to Revive Closed and Low-Productivity Oil Wells

According to Energy Press, citing the Oil Industry Technology Park, a tripartite memorandum of understanding was signed on the implementation procedure of Note 13 of the Economic Council’s resolution for the plan to revive closed and low-yield oil wells in order to develop priority technologies and apply them in related industries, and to upgrade existing technologies and localize them using the capacity of technology companies.
This memorandum of understanding was signed between Hamid Bord, CEO of the National Iranian Oil Company, Mohammad Esmail Kifayati, Head of the Oil Industry Technology and Innovation Park, and Mohammad Sadegh Khayatiyan, Head of the Innovation and Prosperity Fund, with the aim of increasing the country’s strategic oil reserves in order to influence the global oil market and maintain and develop production capacities with an emphasis on the conservation of resources and job creation and entrepreneurship, in the implementation of paragraphs (14) and (15) of the general policies of the resistance economy, articles (15) and (44) of the law on the Seventh Five-Year Development Plan of the Islamic Republic of Iran, article (12) of the law on removing obstacles to competitive production and improving the country’s financial system, the regulations on knowledge-based production and job creation in the oil industry, and the executive procedure for the note to article (13) of the Economic Council’s resolution.