Iran oil agreements with Ukraine, Russia halted

Tehran, Iran, May 13

By Milad Fashtami - Trend:

Iran's agreements with Russian and Ukrainian firms to develop four oil fields have been halted until further notice.

Abdolreza Haji-Hosseinnejad, an official with the National Iranian Oil Company, said on May 13 that the oil ministry has prioritized development of Iran's oilfields, Iran's Mehr News Agency reported.

"Oil ministry's first priority is to develop the country's joint oil fields. Since Zagheh, Kouhmond, Boushkan and Kouhkaki oil fields are not joint fields, the oil ministry has decided to halt the projects for now," he explained.

He went on to note that the oil ministry has announced its decision to the other sides of the agreements as well.

National Iranian Oil Company (NIOC) and Russia's Tatneft signed a deal, worth $700 million, in 2011 to develop the Zagheh heavy crude oilfield in southwest Iran.

The deal is aimed to produce 7,000 barrels per day (bpd) of heavy crude from the oilfield in the first phase and boost it to 55,000 bpd in the next phases, Mehr news agency reported.

The field has been left inactive for several years.

Iran also signed a contract with a consortium consisting of Iranian and Ukrainian companies in 2012 for the development of Kouhmond, Boushkan and Kouhkaki oil fields.

The contract, valued at about $800 million, was signed between the Petroleum Engineering and Development Company, an affiliate of the National Iranian Oil Company (NIOC), and Inter Naft Gas Prom Pars Co., which is a consortium of Iranian and Ukrainian entities, Press TV reported.

Kouhmond heavy oil field is located 80 km to the east of Bushehr port in southern Iran. Though eight wells have been already drilled in the field, only two wells are meant for heavy oil production. The field's in-place heavy crude reserves have been estimated at about one billion barrels. It is considered as the world's biggest heavy crude oil field.

Kouhkaki oil field is located northeast of Kouhmond about 15 km south of the city of Khormoj where only one well was drilled in 1973. The field contains light crude with estimated in-place reserves of about 780 million barrels.

Boushkan oil field is located 100 km north of Bushehr and 30 km from Dalan gas field. The field's in-place reserves have been estimated at about 340 million barrels with a single well drilled in 1963.

The fields will be developed in two phases to produce 11,000 barrels per day (bpd) of crude oil after the completion of the first phase, which will hit 22,000 bpd when the second phase is finished.

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