Iranian contractors are working to offset production declines with new pumping technology at an oil field straddling the border with Iraq, state media reported. The official Islamic Republic News Agency reported Friday that local contractors were installing electric submersible pumps at the North Yaran oil field, called South Yaran on the Iraqi side of the border. IRNA stated the ESPs could help offset declines in production from North Yaran. Oilfield services company Schlumberger notes that ESPs far surpass the operational performance of other technologies. More than 90 percent of all oil wells in production require some form of artificial means to bring products to the surface. The Iranian government estimates its side of the field could produce at around 60,000 barrels of oil […]