IOEC ready to develop Forouzan oil field

TEHRAN May 18 (Shana)–The managing director of the Iranian Offshore Engineering and Construction Company (IOEC) said the company is prepared to breathe new life into the slack projects in the Forouzan oilfield if enough money is pumped into the project.

Gholamreza Manouchehri said Sunday that two 6500 and 2500-ton platforms are expected to be transferred to Iran in a year and a half to be installed at the site of the field, 100 kilometers off the coast of Kharg Island. 

He said the oilfield was put on hold for a long time because of the lack of finances.

However, he added, the IOEC is resolved to put together the necessary means to revive the hamstrung projects in the field by procuring the needed financial resources.   

The senior official also underlined the signature of a contract by the IOEC and the Iranian Offshore Oil Company (IOOC) to build two 6500 and 2500-ton boards in the field as accessories of the platforms.

He also noted that the fate of 5 drilling rigs stocked at Iran’s customs is hinged upon the supply of financial resources, as it is the case for two newly-built rigs ordered to IOEC which are ready to be handed over but are put on hold thanks to financial shortcomings.  

Manouchehri further said Iranian manufacturers of offshore facilities are prioritized over foreigners, notwithstanding the fact that IOEC’s former managers have already imported enough sour gas pipes that make the company needless of such pipes for several years to come.

The main goal of the Forouzan Oilfield development projects is to extract more than 300 million barrels of crude oil in the next 25 years.

The field will also yield about 250 million cubic feet per day of natural gas which will be transferred to the Kharg Island via an undersea pipeline.

The Forouzan Oilfield, in the Persian Gulf, is shared with Saudi Arabia. The peak level of crude oil production of the field was reported in late 1978 to be at 180,000 barrels per day.

The development of the Forouzan Oilfield is a priority project for Iran’s Oil Ministry.

Forouzan Oilfield is located 100 kilometers (62 miles) southwest of the Kharg Island. It was discovered in 1966 with estimated in-place reserves of 2.309 billion barrels of crude. The field is known as Marjan in Saudi Arabia.



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