BAKU, Azerbaijan, December 24. Iran has kicked off its inaugural Well Reservoir and Facility Management (WRFM) center, aimed at keeping the wheels turning for the operations of oil and gas wells, reservoirs, and surface facilities all at once, Trend reports referring to the Iranian Ministry of Oil.
With a total investment of $10 million, the WRFM center's first phase is complete.
The center is equipped with advanced tools for real-time data transmission, analysis, and processing, enabling it to manage wells, reservoirs, and surface operations in an integrated manner. It also utilizes new technologies, including artificial intelligence-driven systems and modern sensors.
Construction of the center began in January 2024, and it is expected that an additional $5 million will be invested in the near future to digitize systems related to well operations, engineering, repairs, maintenance, and safety.
In the past few days, the center’s operations have helped prevent a daily reduction of 8,000 barrels of crude oil production, amounting to an estimated 1.4 million barrels. With the current price of crude oil at $60 per barrel, this represents approximately $100 million in potential revenue.
Moreover, Iran's total hydrocarbon reserves amount to 1.2 trillion barrels. Iran can extract 340 billion barrels with existing technological equipment, of which about 30 percent can be utilized, while 70 percent remains unused underground.
Currently, Iran has 74 active oil fields and 22 gas fields. There are 37 oil fields operating under the Southern Oil Zones National Company of Iran, 14 under the Central Oil Zones Company of Iran, 5 under the Arvandan Oil and Gas Production Company, and 18 under the Offshore Oil Company. Additionally, there are 5 gas fields operating under the Southern Oil Zones National Company of Iran, 13 under the Central Oil Zones Company, 1 under the Pars Oil and Gas Company, and 3 under the Offshore Oil Company.