Tehran, Aug 15, IRNA -- Foreign companies are rushing to win bids
for development of a new oil field discovered in the
southwestern province of Khuzestan with recoverable reserves of
around three billion barrels.
The English-language daily 'Tehran Times` quoted a senior
official in the Oil Engineering and Development Company, Ali
Akbar Al-e Aqa, here Sunday as saying that foreign companies should
submit their sealed bids by September 22, 2004.
According to the official, three companies had initially
expressed their keen interest in winning the bids but that now
European and Asian firms have joined the fray.
The Yadavaran oil field, with an in-place reserve of some 17
billion barrels of proven reserves, comprises the Koushk and
Hosseinieh oil fields which were discovered in 2000 and 2002,
respectively, in the oil-rich Khuzestan province near the Iraqi
The oil field in Koushk is estimated to contain nine billion
barrels while that in Hosseinieh 1.5 billion barrels.
Al-e Aqa explained that recent exploration findings have
divulged that the two oil fields are connected at various layers
and form an oil field with a cumulative reserve of 17 billion
He said that the past five years have been unprecedented in
the history of the Iranian oil industry in terms of the discovery of
new oil reserves, adding that the total in-place discoveries during
the period have been well in excess of 100 billion barrels.
Development of the Yadavaran oil field, which is expected to
yield 300,000 to 400,000 barrels a day, is one of the priorities of
his ministry, the official added.
Iran is currently negotiating with the Indian oil and gas
company Videsh Ltd for development of 20 percent of the Yadavaran
oil field in exchange for New Delhi's purchase of five million tons
of liquefied natural gas.
Besides India, companies from China and Russia as well as the
French giant TotalFinaElf, the British Shell and Russian Statoil have
purchased documents to enable them to bid for the development of the
Yadavaran is located southeast of the giant Azadegan oil field
currently being developed by a Japanese consortium.
... Payvand News - 8/15/04 ... --