Iran seeks to absorb foreign investment for 10 offshore oil fields

Oil&Gas Materials 29 June 2014 16:50 (UTC +04:00)

Tehran, Iran, Jun. 29
By Milad Fashtami - Trend:

Iran plans to absorb foreign investment for development of ten offshore oil projects.

Iranian Offshore Oil Company (IOOC) Director for Planning Affairs Mohammad Hossein Daneshfar said on June 29 that the projects are ready to start, Iran's SHANA News Agency reported.

"Resalat, Esfandiar, Arash, Reshadat, tosan, Mahshahr, Farzam, Alpha, and Norouz are nine of the mentioned projects," he said.

"The projects are expected to come on stream at the cost of $10 billion," he explained.

Daneshfar went on to note that Iran has the capacity to daily produce over 12 billion cubic meters of gas and 200,000 barrels of gas condensates at its offshore fields.

Iran holds the world's third-largest proven oil reserves and the second-largest natural gas reserves.

The country's total in-place oil reserves have been estimated at more than 560 billion barrels, with about 140 billion barrels of extractable oil.

Moreover, heavy and extra heavy varieties of crude oil account for roughly 70-100 billion barrels of the total reserves.

According to BP's latest yearly report, Iran's dried gas output is about 160 bcm, a little more than domestic consumption level.

Iran exported 7.5 bcm of gas to Turkey and imported 4.5 bcm gas from Turkmenistan in 2012, according to BP's report.