Iran to extract oil from giant gas reservoir

Tehran, April 27, IRNA – Extraction of oil from the oil layer of the giant offshore South Pars gas field is to start next calendar year (starting March 2016).

Ali-Reza Zeighami, South Pars oil layers project manager, said the wells being drilled in the oil layer are to become operational in the second half of next calendar year.

“In the first phase, 20,000 to 35,000 barrels of oil are forecast to be recovered from the oil layer of South Pars,” he said in a report.

He said that seven wells have so far been spudded in the oil layer of South Pars, adding that new rigs being transferred to the place would provide more accurate estimates of hydrocarbon reserves in the field jointly operated by Iran and Qatar.

If the first phase proves to be economical, the second phase of development of the oil layer would start.

The oil layer of South Pars is estimated to contain 7 billion barrels of oil in place.