Iranian Offshore Oil Company repairs floating processing terminal
BAKU, Azerbaijan, May 30
By Elnur Baghishov – Trend:
The Cyrus floating refinery of the Iranian Offshore Oil Company has been repaired, Trend reports citing the company’s official website.
The Cyrus floating processing terminal anchored to the seabed was severely damaged by oil hoses from the South Pars oil field during strong waves, said the company.
“It is planned to manufacture Half-Chain Support Buoy to cover the chains using 30-inch hoses developed by the Iranian Offshore Oil Company,” report said.
The Half-Chain Support Buoy was not purchased from abroad, and its local construction saved about 500,000 euros.
The South Pars oil and gas field is located in the Persian Gulf, 100 kilometers off the coast of Iran, near the water border between Iran and Qatar. The field is said to contain 6 billion barrels of oil. Iran has been producing 35,000 barrels of oil per day from the field's oil wells since 2017.
Iran has 125 oil fields and 59 gas fields. The country's total hydrocarbon reserves are estimated at 836 billion barrels. With available technology and equipment, Iran can extract 239 billion barrels. Thus, 29 percent of the country hydrocarbon reserves are recoverable, while 71 percent remain underground.