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Iranian oil company preparing 20 tenders

Commentary Materials 24 December 2016 18:32 (UTC +04:00)
The Iranian Central Oil Fields Company (ICOFC) is preparing to issue 20 tenders on development and boosting the recovery rate of oil and gas fields
Iranian oil company preparing 20 tenders

Baku, Azerbaijan, Dec. 24

By Dalga Khatinoglu – Trend:

The Iranian Central Oil Fields Company (ICOFC) is preparing to issue 20 tenders on development and boosting the recovery rate of oil and gas fields, the company's CEO Salbali Karimi told SHANA news agency Dec. 24.

As of now, ICOFC has signed memorandums of understanding (MOUs) with Russia’s Gazprom Neft, Lukoil and Tatneft, as well as Austria’s OMV, Germany’s Wintershall, Malaysia’s Petronas, Indonesia’s Pertamina and Thailand’s National Oil Company (PTTEP).

ICOFC plans to first issue tenders on the following nine oil fields*

Fields

Oil in-situ reserves (billion barrels)

Current output (b/d)

East-Paydar

1.047

5,500

West-Paydar

0.952

28,000

Cheshmeh-Khosh

3.740

72,000

Dalpari

0.367

14,000

Aban

0.138

9,000

Danan

3.738

8,000

Naft-Shahr

0.580

5,500

Sumar

0.441

500

Dehloran

5.184

24,000

*The details are based on an official document prepared by Oil Ministry and seen by Trend.

Salbali Karimi said some $2 billion of investment is needed for the mentioned projects.

Touching upon the development of six gas fields in the next step, he said that currently ICOFC produces 300 million cubic meters per day (mcm/d) of gas (10.6 billion cubic feet per day (bcf/d)).

The needed investment for gas fields stands at about $6.1 billion.

According an official document prepared by Oil Ministry and seen by Trend, ICOFC has seven gas fields to be developed by foreigners:

Fields

Gas reserves

(tcf)

Current production

(mcf/d)

Final production

(mcf/d)

Estimated gas condensate output (b/d)

Sefid-Baghon

2.37

0

160

1,600

Sefid-Zakhor

8.23

0

353

3,530

Dey

1.75

0

180

1,800

Aghar-Phase 2

25.8

776

1500

1,500

Tange Bijar

8.17

247

353

1,700

Halegan

4.63

0

440

4,400

The company earlier announced that the total value of its oil and gas projects, offered to foreigners based on newly designed contract, called the Iran Petroleum Contract (IPC), is about $11 billion. This volume also includes the enhanced recovery rate operations.

Iran introduced the IPC to foreign companies last November. About 50 projects were offered based on the IPC.

According to the documents of the IPC, seen by Trend, the total oil in place at the nine onshore ICOFC oil fields is above 16 billion stock tank barrels (BSTB) and the gas reserves at its fields are above 55 trillion cubic feet.

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Dalga Khatinoglu is the head of Trend Agency's Iran news service, follow him on Twitter: @dalgakhatinoglu

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