All Eyes on Iran's Oil, Gas
Oil, Gas Properties
China, India and Japan, accounting for half of the country's oil exports, have increased their purchases in the past year. But with the ease of sanctions, Iran is set to unveil new oil and gas investment opportunities to Western oil companies in November – the conference was delayed from early April – according to a Jan. 21 Reuters report. The London conference would offer international oil companies the first opportunity to see Tehran's more attractive commercial terms, according to Reuters.
Tehran is seeking Western oil companies' technical know-how to revive its giant aging oilfields and develop new oil and gas fields once sanctions are lifted. The National Iranian Oil Company has "grown its overall volumes from 4.9 million to 6.1 million barrels of oil per day," according to a Nov. 17, 2013 Forbes article.
"The Iranian oil industry needs experience," stated Brooks. "Horizontal wells are crucial for the effective development of many Iranian oil and gas reservoirs.
Two major assets that the country needs to revitalize are the Marun field and the South Pars field, located in the Khuzestan region close to the border with Iraq.
Marun, the second largest oil field in the country, which produces from onshore wells, flows about 520,000 barrels per day of oil. The field holds an estimated 22 billion barrels of oil.
Iran's largest non-associated gas accumulation is the South Pars field, an extension of Qatar's 241-trillion cubic feet (Tcf) North field. Originally appraised at 128 Tcf, the South Pars field is now estimated to contain 240 Tcf, of which a large fraction is recoverable, and holds at least 3 billion barrels of condensate. Since development began in 2002, Iran has developed the field in 24 phases out of which only 10 are active and 14 are under development without any production timeline.
The field needs at least 1,800 miles of new pipeline to accommodate its capacity, said Abdol-Hossein Samari, deputy director of the National Iranian Gas Co., according to Iran's official energy news website Shana. New pipelines are needed to transport the 7.2 billion cubic feet of gas expected from the first five phases of the field's development.
1234
View Full Article
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Africa's Natural Resources: Focus for Both Oil and Gas Sectors
- Apprenticeships Gain Momentum in Upstream Oil, Gas Sector
- Senate Energy, Natural Resources Committee to Vote on Keystone XL Pipeline
- Canadian Oil Sands Projects Continue to Vie for Skilled Talent
- East Africa Must Tackle Challenges to Become an Export Hub
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Oman Sees Increasing Ship-to-Ship Transfers of Russian Oil Bound for India
- CNPC Opens Sea-Land Oil Storage and Transport Facility in Bangladesh
- US Govt Makes Record Investment of $6B for Industrial Decarbonization
- Perenco Still Searching for Missing Person After Platform Incident
- Eni, Fincantieri, RINA Ink Deal on Maritime Decarbonization
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Oil Falls as US Inventories Increase
- Czech Utility CEZ Bucks Weaker Prices, Demand to Log Record Annual Profit
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call