Iran to open more offshore fields for development

Offshore staff

TEHRAN, IranNational Iranian Oil Co. (NIOC) plans to offer 40-50 projects for development at the company’s planned conference in London next March, according to news service Shana.

Iran hopes to stage the event to introduce its new oil contract frameworks “Iran Petroleum Contracts” (IPC).

NIOC’s deputy for integrated planning Moshtaghali Gohari said some of the projects to be offered concern development of remaining phases of the South Pars gas field in the Persian Gulf, along with exploration and development of other offshore/onshore fields.

He added that NIOC usually funds 40-50% of Iranian projects via a combination of sources including Iran’s Energy Fund, bank credits and facilities, Rial and foreign exchange bonds, foreign exchange reserves of the National Development Fund, and buyback deals.”

At South Pars Phase 12, the first well has started operating from platform 12B. “Hookup, prestart-up and start-up operations of the platform were completed in a record four-month period,” according to a statement by Iranian Offshore Engineering and Construction Co., “and other wells of the platform will come onstream immediately one after the other to inject gas to the national gas trunklines.”

Platforms 12B and 12C should lift gas production from Phase 12 to more than 65 MMcm/d (2 bcf/d) of sweet gas.

12/09/2014

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