Extractable oil volume at four Iranian oilfields increases

Oil&Gas Materials 5 January 2021 11:44 (UTC +04:00)
Extractable oil volume at four Iranian oilfields increases

BAKU, Azerbaijan, Jan.5


Studies of four oil fields in Iran have indicated that the amount of extractable oil there has increased to 742 million barrels, which means an increase of production from 9.1 billion barrels of oil to 9.9, said Director of technical affairs in Iranian Offshore Oil Company (IOOC) Ali Khajavi, Trend reports via IRNA.

"Studies show that the total extractable oil in the four oilfields has increased by 217 million barrels," said Khajavi, speaking about the Hendijan, Behrang Sar, Abouzar and Nowruz oil fields.

"Based on oil price of $45 per barrel, the value of extractable source would increase to $10 billion, and it is predicted that production would increase as well," he said.

The Iranian Offshore Oil Company (IOOC) was responsible to assign fast track reservoir studies of Hendijan, Behrang Sar, Abouzar and Nowruz oil fields in the last Iranian year (started March 21, 2019).

"Implementing Master Development Plan (MDP) objective in reservoir studies would improve production that would help boost the increase of the oil recovery factor," he said.

Khajavi said the studies were done by continuous effort by IOOC and domestic consultant companies in less than nine months.

"These studies would analyze data about complete geological studies, static modeling, reservoir engineering studies, building dynamic simulation model, preparation of production scenarios and gradually include economic studies and drafting reservoir development plan," he said.

"The realistic implementation of all these activities would take about four years, so due to this long period operating conditions would lose their effect in many cases, especially developed reservoirs that are in their second half of production lifespan," he said.