Iran's Saderat Bank to develop gas project

Iran Materials 17 December 2011 13:36 (UTC +04:00)

Azerbaijan, Baku, Dec. 17/ Trend M. Moezzi /

The Iranian Saderat Bank's Sepehr Energy Investment company negotiates with the Iranian Offshore Oil company (NIOOC) to develop the gas layer in Reshadat field, ISNA News reported.

The company signed a contract with NIOOC to convert 3 bcm of gas in the fields around Lavan Island in early 2011 (Iran's solar year starts on March 20).

The petrochemical complexes to be built by Sepehr will turn Lavan into a major petrochemical hub, NIOOC representative Mohamoud Zirakchianzadeh said.

The increasing confines imposed by sanctions have encouraged the Iranian government to seek financing for its projects through domestic banks' funds. The banks have begun investing in the country's oil projects through the consortiums comprised of technical, engineering and administrative companies.

The production in Reshadat oil field is predicted to reach more than 70,000 barrels of oil by the end of the Fifth Development Plan (2010-2015. The Iranian Offshore Oil Company has started excavating in 28 new oil wells in Reshadat oil field while 60 percent of developing process was over. Reshadat oilfield is located 110 kilometers southwest of Lavan Island. Once all the phases of the field become operational by 2012, some 75,000 barrels will be added to Iran's total daily oil production.