Iran, Canada launch into 1st oil coop.

TEHRAN, Dec. 30 (MNA) – An IOOC official said a Canadian company has been put in charge of studying the economic justifiability and feasibility to implement the development project of Binaloud oilfield.

Head of Technology and Research at Iranian Offshore Oil Company (IOOC) Javad Rostami said IOOC has placed studying over this field on agenda adding “years ago, studies carried out by an Indian company revealed that the development of the field has no economic justification.”

Rostami emphasized that for the second time the project to examine economic justification and feasibility of Binaloud oilfield has been handed over to a Canadian company; “currently, we are looking forward to receiving the final report by the company,” he asserted.

The official underlined that the ongoing studies will take into account the need for advanced technologies for the development of offshore fields stressing “Binaloud’s oil is of heavy type and we expect the results of the study to be fruitful.”

Binaloud oilfield marks one of the largest hydrocarbon fields in the Persian Gulf and its exploration dates back to the year 2002.

Farsi Block, an offshore hydrocarbon block in the Persian Gulf, consists of Binaloud oilfield and Farzad B gas field the development contract of which was signed with a consortium of three state-owned Indian companies in 2002 after the discovery of hydrocarbon reserves in the area.

On the basis of conducted studies, the oil in place of Binaloud has been estimated to mount up to one billion barrels with an API of 14.

According to a comprehensive development program, 1.1 billion cubic meters of natural gas are anticipated to be produced per day in the first phase of operation.

By Mehr News Agency