Iran seeking foreign investment for offshore fields

TEHRAN June 29 (Shana)–Iran plans to attract foreign investment for developing ten offshore fields in the Persian Gulf, director for planning of Iranian Offshore Oil Company said.

 Mohammad-Hossein Daneshfar said Resalat, Esfandiar, Arash, Reshadat, Towsan, Mahshahr, Farzal, Alfa and Norouz are open to foreign investment for development.

He said more than 10 billion dollars is expected to be needed for the development of these fields.
Daneshfar said investing 36 billion dollars in independent offshore gas fields as well as gas layers of offshore oil fields administered by IOOC would raise production capacity in these oil and gas fields to more than 12 bcf/d of gas and 200,000 b/d of gas condensate.
He said that Iran currently holds more than 153 tcf of gas, excluding South Pars gas field.
Daneshfar said IOOC’s fields are estimated to hold more than 96 billion barrels of oil in place, according to the 2012 estimates. He added that 15.8 billion barrels are recoverable.
He said more than 7.4 billion barrels of oil have been recovered from the Persian Gulf reservoirs over the past 50 years, adding that 8.3 billion barrels are to be recovered soon.
Daneshfar said IOOC is using horizontal drilling, downhole pumps, water/gas injection and water injection for enhanced recovery.



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