Iran introduces four oil projects in Caspian Sea to foreign investors

Business Materials 30 November 2015 16:18 (UTC +04:00)

Baku, Azerbaijan, Nov. 30

By Umid Niayesh- Trend:

Iran introduced four projects related to oil fields in Caspian Sea waters to foreign investors during a conference held in Tehran Nov. 28-29 to present its new oil and gas contracts dubbed IPC (Iran petroleum contract).

Khazar Exploration and Production Company (KEPCO) presented the Sardar Jangal oil field as well 24, 26 and 29 exploration Blocks in the Caspian Sea to participants during the second day of the event, Yousef Etemadi, exploration director of KEPCO said, SHANA news agency reported.

The IPC model is being introduced in anticipation of the removal of economic sanctions off Iran. Iran's July 14 nuclear deal with world powers is expected to result in the removal of the sanctions by the yearend or at most in early 2016.

Earlier Etemadi said that in 2012 at Sardar Jangal, Iran discovered large oil reserves - two billion barrels, and with the use of modern foreign technologies, this field is able to cover the total consumption of hydrocarbons by Iran for 10 years.

Iran's Oil Ministry has announced that the field's discovered oil and gas layers hold in total two billion barrels of light crude oil alongside with 50 trillion cubic feet of gas reserves (equals to 1.4 trillion cubic meters).

Etemadi said that Iran drilled its first exploratory drill with depth of 2,500 kilometers at the field, adding that the second exploratory well with 3,500 kilometers depth became operational in early 2015.

He said that Sardar Jangal field enjoys high quality oil and its API (The American Petroleum Institute gravity) stands at 39.

The field's oil lacks water, CO2 and H2S, Etemadi said. He further said that the exploration Block 24 is located 130 kilometers north of Iran's Noshahr port.

Block 26 and Block 29 which also were introduced to foreign investors during the event are located 100-130 kilometers north of Iran's Anzali port and 135 kilometers north of Noshahr respectively, he added.

The foreign companies which are interested to take part in the four presented projects can use Iran's facilities and infrastructures in the north of the country, Etemadi said, adding Iran's North Oil Terminal, North Drilling Company, the KEPCO as well as Iran Marine Industrial Company (SADRA) can participate.