Iran will not stop expanding Gulf oil fields
Baku, Azerbaijan, Feb. 8
By Khalid Kazimov - Trend:
CEO of the Iranian Offshore Oil Company Said Hafezi said that the drastic fall in oil prices will not make Iran halt its expansion of oil and gas fields in the Gulf, Mehr news agency reported on Feb. 8.
We are planning to hold an international tender in the EPCF (Engineering Procurement Construction Finance) fashion to attract private and foreign investors, Hafezi said.
He further explained that the tender aims mainly at repairing and renewing platforms, pipelines, and gas and oil facilities in the Gulf.
"Right now Iran has over 180 oil structures in the Persian Gulf which it is going to renew and repair according to a prioritized program," Hafezi said.
According to the US Energy Information Administration, Iran holds nearly 10% of the world's crude oil reserves and 13% of OPEC reserves. About 70% of Iran's crude oil reserves are located onshore, with the remainder mostly located offshore in the Persian Gulf. Iran also holds proved reserves in the Caspian Sea, although exploration has been at a standstill.
The country is the second-largest proved natural gas reserve holder in the world, behind Russia. The country holds 17% of the world's proved natural gas reserves and more than one-third of OPEC's reserves. Iran's largest natural gas field, South Pars, is estimated to hold roughly 40% of Iran's gas reserves. However, the vast majority of Iran's gas reserves are undeveloped.