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5/18/04

Iran's Darkhoein field to yield 50,000 to 160,000 barrels of oil per day

Tehran, May 18, IRNA -- Darkhoein oil field, 45 kms north of Abadan, in southwestern Khuzestan province, will yield 50,000 to 160,000 barrels of oil per day once a two-phased project for its development is complete.

The first phase of the project is scheduled to come on stream by late June after a one-month delay.

Informed sources at National Iranian Oil Company said the contract for development of the field, signed by National Iranian Oil Company (NIOC) and Italy's Agip Company, is the first buy-back contract in Iran's history for injection of gas into oil reservoir for purpose of increasing production.

The sources said that in the initial phase of the project, feasibility studies would be conducted for drilling of three more wells, tri-dimensional seismographic interpretations and tests for daily production of 50,000 barrels of oil per day from eight wells and for injection of associated gases.

The first phase of the project for development of Darkhoein oil field was supposed to come on stream 34 months after conclusion of related contract, that was in May this year but it became operational one month later.

Operations on the second phase of the project will start after completion of the first phase. NIOC and Agip will jointly work on the second phase of the project for production of 160,000 bpd.

The oil field is expected to yield 1.29 billion barrels of oil in a 30-year period. Each barrel of oil obtained from the field will be sold for dlrs 20, earning the country dlrs 25.8 billion in total.

The field is expected to earn the country over dlrs 360 million a year after completion of the first phase and dlrs 1.16 billion a year after completion of its second phase.

The two-phased development project for production of 160,000 bpd is expected to cost dlrs 920 billion in all.

Iran is expected to pay off the cost in six years, 60 percent of which to be paid through sale of oil.

Three wells have already been drilled in the area in 1964, 1977, and 1992.

The field has a reservoir of about 3.6 billion barrels of in place oil.

... Payvand News - 5/18/04 ... --



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