Iran's oil reserves in Persian Gulf increase

January 4, 2021 - 13:42

TEHRAN - Recent studies on the reservoirs of four Iranian oil fields in the Persian Gulf have shown that the estimations of the in-place oil in these fields have increased by more than 740 million barrels, Shana reported.

Based on the Fast Track studies carried out by the Iranian Offshore Oil Company (IOOC) on Hendijan, Behregansar, Abouzar and Nowruz oil fields, the total in-place oil reserves of these fields have increased by 742 million barrels compared to the last approved study carried on the fields and has reached 9.9 billion barrels, an official with the company announced.

According to Ali Khajavi, the mentioned studies have been completed in collaboration with capable domestic companies in less than nine months and with average monthly progress of over 11 percent.

The new findings indicate that the total extractable oil from the mentioned fields has also increased by 217 million barrels to reach more than 3.2 billion barrels, Khajavi said.

“Considering the oil price at $45 per barrel, the added volume is equivalent to about $10 billion,” he added.

According to the official, conducting Master Development Plan (MDP) studies is the most important tool for optimizing production, choosing the appropriate way of reservoir development, and ultimately increasing the recovery factor of hydrocarbon reservoirs.

MDP studies typically include the processing and interpretation of seismic data, complete studies of basic geology and static modeling, complete studies of basic reservoir engineering, history matching and construction of dynamic simulation models, preparation and implementation of production scenarios, and finally complete economic studies of the reservoir development project.

IOOC, a subsidiary of the National Iranian Oil Company (NIOC), is one of the world's largest offshore oil-producing companies. The company accounts for one-third of the Iranian oil exports, operating on the Iranian side of the Persian Gulf and Oman Sea.