Iran energy firm undertakes development studies on 2 oil fields

Iran energy firm undertakes development studies on 2 oil fields

Baku, Azerbaijan, Sept. 25

By Fatih Karimov– Trend:

Iran’s Dana Energy company signed a memorandum of understanding with the National Iranian Oil Company (NIOC) to carry out studies for development of two oil fields.

The deal was signed by Gholam Reza Manouchehri, deputy head of NIOC, and Mostafa Khoee, head of the private energy company, on Sept. 25, the official website of Iran’s oil ministry reported.

Under the MoU, Dana Energy will undertake studies in Iran’s Sepehr and Jofeyr oilfields in southern Khuzestan Province.

Sepehr Oilfield is a reservoir in the West Karoun oil block in Khuzestan which holds 2 billion barrels of crude oil. According to estimates, Iran needs to spend between $500 million $600 million to tap into the field's 300 million barrels of extractable reserves.

Jofeyr field is located at 50 kilometers west of Ahwaz city and also contains some gas deposits. Latest NIOC data show the combined output of Jofeyr and Sepehr fields is below 2,000 barrels per day.

Jafir’s development is aimed at extracting 25,000 bpd of crude.

The Islamic Republic has intensified efforts to attract foreign oil and gas majors in its key oil and gas projects after the removal of international sanctions in last January. In recent months Iran has handed over the study of several oil and gas fields to foreign companies under non-disclosure agreements (NDA). Total, Shell, Gazprom, Schlumberger, Pertamina and Petronas are among the oil majors studying Iran's hydrocarbon reservoirs.

However, major Iranian companies also insist to take part in the new oil and gas development opportunities. Ghadir Investment Company, a major Iranian conglomerate, government-owned IDRO (Industrial Development & Renovation Organization), Pasargad Energy Development Company and Tenco, a subsidiary of the IRGC’s Khatam-al-Anbiya construction group are among the domestic companies which have signed similar deals with NIOC to study oil and gas fields.

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