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Iran needs dlrs 640m for oil exploration projects: report

A senior official with the National Iranian Oil Company (NIOC) has put the cost of implementing new exploration projects at between dlrs 480 million and dlrs 640 million, IRNA reported from Tehran on Tuesday quoting the local the press.

The English-language newspaper 'Iran Daily' quoted the NIOC Director for Exploration Affairs Mahmoud Mohaddes as saying that tenders have been floated for exploration in 16 oil blocks, stressing that each block requires investment of dlrs 30 million to dlrs 40 million.

Mohaddes pointed out that each block needs different levels of investment given the diversity in seismographic, geological and drilling data.

"We have invited all domestic and foreign companies to take part in the 16 tender bids," Mohaddes said.

"The announcement of tenders for 16 of the 51 blocks, selected on the basis of consumption needs and proximity to oil processing facilities will be made in about two weeks".

The contracts for the 16 blocks, which will cover an area of 253,000 square kilometers, will be in the buyback mode.

'Iran Daily' further quoted earlier reports that identified the oil blocks are Moghan I and II, Kouh-Dasht, Khorramabad, Kermanshah, Bijar, East and West Mokran, Zabol, East Jazmourian, Saravan, Tabas, Garmsar, Saveh, Raz, and Tapeh Marouh.

... Payvand News - 11/11/03 ... --

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