Iran reveals plans to produce oil from Caspian Sea reservoirs

TEHRAN, Nov. 24 (MNA) – Khazar Oil and Gas Company head has announced new plans for producing oil in Caspian Sea.

Ali Osouli, Khazar Oil and Gas Co. managing director addressed a specialist meeting of Workgroup to Draft Roadmap to Acquire Technology to Exploit Deep Waters Hydrocarbon Reservoirs, where he estimated production of nearly 20 per cent of global oil from deep water resources.

He also pointed to drilling of second oil well in Sardar-e-Jangal field in Caspian Sea; “the roadmap is one of the fundamental needs of oil industry; in drilling wells in the field, we faced many challenges, which lead us to a terra incognita of the deep waters and experiences quite valuable for our future drillings, which however faced less challenges thanks to the time wasted in the project,” he added.

“Extensive research work has been done on the field, with even foreign companies carrying explorations in the field; however, in the practice, the challenges and troubles surfaced; countries with good level of technology and expertise spend much in terms of technical work and resources in deep waters,” Osouli asserted.

“Many reservoirs being in their second part of their lifecycle, rises in costs of facilities, rise in oil prices, and lower costs of exploratory activities in deep waters have led countries to deep and ultra-deep waters of Africa, Turkey, and India even despite the high exploration risks included,” he told the meeting.

“Figures indicate that in 2014, a minimum of $167bn has been invested in deep water explorations; according to estimations for 2020, at least 20 million barrels out of a total of 100 million barrels of daily production would be provided by deep water oil wells,” Osouli said. “In line with this global trend, Iran has been in the right track; hence, a road map should be drafted and other data and coordination should be directed to the provisioned goals,” he noted.

Osouli also emphasized on cooperation with prominent universities to improve technology of drilling and deep-water oil and gas exploration; “currently, a number of study projects are under way on early production of oil from Caspian Sea reservoirs, with many challenges still ahead; a major problem is the absolute lack of expertise and knowledge hitting the whole prospect of drilling,” he complained.

“The majority of worldwide drilling is in 500-800-meter depth, from which our expertise and technology have a long distance to go,” Osouli added.

By Mehr News Agency

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