Iranian Offshore Oil Company earns $1.2 billion from transferring natural gas

Oil&Gas Materials 16 November 2013 12:13 (UTC +04:00)

Baku, Azerbaijan, Nov. 16

By Fatih Karimov - Trend: The Iranian Offshore Oil Company has earned $1.2 billion from transferring natural gas from Siri Island to Kish Island in the Persian Gulf during the past five years, IRIB quoted the IOOC managing director Alireza Qanei as saying.

"This issue has prevented from consuming 8 million barrels of diesel fuel," he added.

In August, the former Managing Director of the IOOC Mahmoud Zirakchianzadeh said that Iran is to enhance oil recovery from its offshore fields by injecting 25 percent more water into them, Press TV reported.

"Water injection is a method of improved oil recovery (IOR) applied to offshore reservoirs," he said.

"Currently, 400,000 barrels per day (bpd) of water are injected into the IOOC-administered fields aimed at increasing [oil] output. The figure will reach 500,000 to 530,000 bpd this [Iranian calendar] year [which ends in March 2014]," the official stated.

Iran's offshore oil reserves in the Caspian Sea and Persian Gulf are valued at $2.75 trillion.

Iran sits atop more than 96 billion barrels of in-place oil in the Persian Gulf.

Iran envisages a one-percent recovery enhancement from its oil deposits by 2015 when the country's Fifth Five-Year Economic Development Plan ends.

With 137.6 billion barrels of proven reserves, Iran has the world's fourth largest crude deposits, and the second largest gas reserves, estimated at 29.61 trillion cubic meters (tcm).