|Iran inks deals to develop Sardar-e Jangal field in Caspian Sea||
TEHRAN – Iran’s Khazar Oil Company has signed eight contracts with domestic contractors in order to develop Sardar-e Jangal oil and gas field in the Caspian Sea, the company’s managing director Ali Osuli said.
The development plan needs up to $10 billion to complete, ISNA quoted Osuli as saying on Friday.
Despite all the problems in providing equipment and technology, Oil Ministry has highlighted the development of Sardar-e Jangal field and the provision of necessary funds in the current year. So, studies for starting early production from the field have just started by a company affiliated to SADRA (Iran Marine Industrial Company).
According to him, the development of the field will take 10 years, because it needs robust infrastructures, advanced technologies, and huge investments.
According to Iranian officials, the field holds reserves totaling two billion barrels of light crude oil - 500 million of which is extractable - alongside 1.4 trillion cubic meters of gas.
In April, the Mehr News Agency quoted Osuli as saying that Iran will build the second submersible platform for the purpose of drilling operations in the Caspian Sea.
In addition to building the second platform, deals have been signed with Iranian manufacturers to design and build a floating production, storage and offloading (FPSO) vessel, he said.
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