Baku, Azerbaijan, Feb. 23
By Emil Ilgar – Trend:
Iran has completed construction of the F18 rig to be launched at the Foroozan field, jointly owned with Saudi Arabia, IRNA reported Feb. 23.
According to the report, the platform worth 26 million euro will drill eight wells initially to add 12,000 b/d to the field’s output.
The 1,200-ton platform will be commenced in 2H17.
Managing Director of the Iranian Offshore Oil Company (IOOC) Saeid Hafezi announced Dec. 8, 2016 that the company's priorities are to sign an agreement with foreigners to develop the Salman and Foroozan fields as part of the newly designed agreement, called the Iran Petroleum Contract (IPC).
Foroozan contains 3.432 billion barrels of in-situ oil reserves.
Iran has been producing oil from Foroozan for four decades already, and the total production has reached 770 million barrels so far.
Iran and Saudi Arabia jointly own the field and Iran's share in total reserves of the field is about 11 percent.
Though Iran hasn't specified the estimated final production level at this field in IPC documents, the country plans to extract more than 65,000 b/d from the field.