Iran Intends to Increase Production at Forouzan Oilfield

IOOC (Iran Offshore Oil Company) plans to increase production at the Forouzan oil field by the end of the next calendar year , which is shared by 40 pct, with Saudi Arabia, managing director stated.

“Some 100 kilometers seabed pipeline has been laid and related platform will be installed in the middle of the next year,” Mahmoud Zirakchianzadeh added.

Forouzan development plan is to extract 300 million barrels of oil in a 25-year period, Teheran Times reported.

Iran will also sign a deal with overseas firms on developing its Esfandiar offshore oil field, which is associated with Saudi Arabia, Zirakchiyanzadeh said.

Presently a number of international companies have expressed willingness to finance the field, the Mehr news agency revealed in September.

“Negotiations are underway with these companies and a contract will be inked this year,” Official said.

He added that the country needs some 400 million euros to develop the oilfield.

Iran has attached the top priority on boosting gas production capacity from its joint oilfields with Qatar and Saudi Arabia, Oil Minster Rostam Qasemi said.

The field is shared by Iran and Qatar. The Iranian share, which is split into 29 phases, has about 14 trillion cubic meters of gas, or about 8 % of the total world reserves, and more than 18 billion barrels of liquefied natural gas resources.

[mappress]

Offshore Energy Today Staff, January 02. 2012;