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                                        Volume. 12119

Iran seeking foreign investment for offshore fields
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c_330_235_16777215_0___images_stories_edim_04_oil(17).jpgIran is looking for foreign investment to develop ten offshore oil fields, a senior energy official says amid growing hopes for the easing of sanctions on the Islamic Republic.
 
Mohammad Hossein Daneshfar, director for planning of Iranian Offshore Oil Company (IOOC), said on Sunday that the fields, open to foreign investment, are located in Persian Gulf waters.
 
“More than USD 10 billion in investment is estimated to be needed for the development of these fields,” he said.
 
Daneshfar also said that Iran could recover more than 12 billion cubic feet (bcf) a day of gas and 200,000 barrels per day (bpd) of gas condensate from its independent offshore gas fields as well as the gas layers of offshore oil fields should USD 36 billion in investment be made.
 
He said Iran currently sits atop more than 153 trillion cubic feet (tfc) of gas in the Persian Gulf waters, barring the 14-trillion-cubic-meter gas content of the supergiant offshore South Pars gas field.
 
Daneshfar said based on the 2012 estimates, the IOOC-run 121 oil and gas reservoirs hold more than 96 billion barrels of oil in place.
 
Iran’s total in-place oil reserves have been estimated at more than 560 billion barrels, with about 140 billion barrels of recoverable oil. Heavy and extra heavy varieties of crude oil account for roughly 70-100 billion barrels of the total reserves.
 
Foreign oil giants have expressed interest in returning to Iran’s projects as sanctions targeting the Islamic Republic’s energy sector are widely hoped to be eased as a result of Tehran’s nuclear talks with six world powers for a final accord.
 
(Source: Press TV)

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