Iran signs 12 oil deals, 12 more to be signed
Iran has signed 12 memorandums of understanding (MoUs) with foreign companies on oil, Gholamreza Manouchehri, deputy head of the National Iranian Oil Company (NIOC) for development and engineering affairs, said.
The documents have been signed with leading oil and gas companies, including Royal Dutch Shell, French Total, Japan's INPEX, Russia's Gazprom Neft PJSC for development of Iran’s oil and gas fields, Manouchehri said, Tasnim news agency reported.
He further said that 10-12 MoUs are also expected to be signed with foreign investors for cooperation in upstream oil sector.
Low investment risks as well as low cost of oil production in Iran are advantages of investment in Iran’s oil and gas sector for foreign investors, he added.
Iran can produce oil at $12 per barrel, but some oil officials in the country claim that in some fields it is as low as $1 per barrel.
Manouchehri further said that the 13th International Energy Exhibition – ENEX, which is scheduled to be held in Iran’s Kish Island on Jan. 9-12, 2017, is an opportunity to introduce the country’s investment potential in the fields of oil, gas and petrochemicals.
Various energy companies from the US, China, Italy, Germany, the UK, South Korea, France, Spain, the Netherlands, Denmark, Canada and Sweden are expected to attend the event.
SOCAR commissions highly productive well in Caspian Sea
Azerbaijan’s State Oil Company SOCAR will produce additionally 365 million cubic meters of gas and 54,750 tons of condensate per year due to commissioning of a new well at the Umid offshore gas field, SOCAR said in a message.
“The actual depth of the well #14 amounted to 6,352 meters,” the message said. “Gas and condensate are extracted from the borehole in the intervals of 6,317-6,282 meters.”
“The well was commissioned with a daily production rate of 600,000 cubic meters of gas and 100 tons of condensate,” the message noted. “After reaching the optimal regime, the well’s production rate will amount to 1 million cubic meters of gas and 150 tons of condensate per day.”
Two wells are currently in operation at the Umid field, and their daily production amounts to 750,000 cubic meters of gas and 230 tons of condensate.
SOCAR announced the opening of Umid field in 2010. According to the results of drilling of the first exploration well, the volume of the field reserves hit over 200 billion cubic meters of gas and 40 million tons of condensate, SOCAR specialists said.