Iran: POGC Inks Drilling Contract for South Pars
- Business & Finance
Pars Oil & Gas Company (POGC) signed a contract with Global Petro Tech Company on drilling two descriptive-production wells to examine output potentials of the South Pars gas field’s oil layer on January 2 2012) at Petroleum Ministry building in the presence of Iranian petroleum minister, Rostam Ghasemi, and managing director of National Iranian Oil Company (NIOC) Ahmad Ghalehbani.
‘Under the agreement, worth $182 million , the company will do 6,000 meters of horizontal drilling over 470 days in A1, B and C zones of South Pars’, POGC’s managing director said.
According to the official, development model of the reservoir and master development plan (MDP) of the oil layer would be determined following the completion of drilling descriptive wells.
According the latest surveys, Iran’s share in blocks A, B and C of the oil layer of the field is estimated at 7.5 billion barrels. South pars as one of the biggest gas fields in the world is located in Persian Gulf waters and covers an area approximately 9700 square kilometers.
Offshore Energy Today Staff, January 4, 2012; Image: South Pars