Iranian company to drill two new South Pars wells

Oil&Gas Materials 3 March 2012 17:40 (UTC +04:00)

Azerbaijan, Baku, March 3 / Trend M. Moezzi /

In the next few days Iran's South Pars Oil and Gas Company will sign a contract with the winning bidder for drilling two delineation-production wells, Shana news agency reported.

Global Petro Tech, a drilling company based in UAE, won the bid to drill the two wells, said Mousa Souri, the South Pars Company's managing director.

The 9,700 square kilometer South Pars field is loacted in the Persian Gulf and belongs to Iran and Qatar. Iran's portion of the field is 3,700 square kilometers. Qatar, is far ahead of Iran in exploiting the field's resources. It has intensified developing South Pars while Iran suffers international sanctions and technical and financial obstacles.

The delineation wells will clarify how the reserves are to be developed and provide a better understanding of Iran's crude oil reserves in the shared layers A2, B and C.

The $180 million contract stipulates that Global Petro Tech has 470 days to finish six kilometers of horizontal drilling. Iran's share of the oil layer in the Persian Gulf South Pars field is located in blocks A, B and C which hold 7.5 billion barrels of oil.