TEHRAN (PIN) – The National Iranian South Oil Company (NISOC) will present a major development plan for developing Ahvaz-Bangestan and Rag Sefid oil fields in the near future.

Director of integrative planning at the National Iranian South Oil Company announced that development of the said fields was to be implemented by Petroleum Engineering and Development Company.
Abdol-Mohammad Delparish stated that since previous contractors of the project were not active enough, development of the said fields has been commissioned to National Iranian South Oil Company according to a recent decision made by board of directors of the National Iranian Oil Company.
He added that the plan would comprise drilling a number of wells as well as establishing desalting equipment and developing existing installations.
The official said that National Iranian South Oil Company is supposed to present its plan for development of the said two fields to National Iranian Oil Company and if it were approved by the board of directors of the said company, it would be implemented.
Studies on development of Rag Sefid oil field started in 2001 and took three years and, as a result, National Oil, Gas, and Energy Industries Development Company was nominated for the implementation of the plan. However, the company was not financial fit for the project and the project was handed over to National Iranian South Oil Company.
The project aims at increasing the field’s production capacity from 180,000 to 220,000 barrels per day. It will be developed through investing 450 million dollars in four years.
Also, the development plan for Ahvaz-Bangestan oil field was taken over by Petroiran Development Company in early 2005, but the company announced next year that it were not ready to do the job. Therefore, negotiations were carried out with Parstat Company whose stocks belong to Mostazafan and Janbazan Foundation and the Russian Tatneft. When negotiations failed to achieve a result, the project was handed over to National Iranian South Oil Company.
After the first phase of its development, production from Ahvaz-Bangestan oil field will reach 13,000 barrels per day and the figure will hit 155,000 barrels per day once the second phase is complete. Final production from the field has been projected at 220,000 barrels per day.
In place reserves of the field amount to 31 billion barrels of which 3.4 billion barrels is exploitable