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Iran, Ukraine set to ink $1b oil deal

Source: Tehran Times

Ukrainian Inter Naft Gas Prom Pars Company is set to sign a contract, worth around $1 billion, with Iranian Petroleum Engineering and Development Company aiming to develop three heavy crude oilfields in Iran, namely Kooh Mond, Booshgan and Kooh Kaki.

Under the comprehensive development plan, these three oilfields are expected to produce 10,000 to 12,000 barrels of oil per day in the first phase, and about 25,000 barrels per day in the second phase, according to the report, the Mehr news agency reported.

Meanwhile, National Iranian Oil Company's managing director Ahmad Qalebani announced earlier that Iran has excluded developing heavy crude oilfields of the oil industry's first priorities.

Like non-associated oilfields, heavy crude oilfields have also been excluded of the list of prioritized oil development plans, Qalebani added, according to the ISNA news agency.

However, if any entity offers buy-back or finance investments on non-associated or heavy crude oilfields, "we will welcome the offers", Qalebani explained.

"Developing joint oil and gas fields is the first priority of the country's oil industry," he said.

A total of 18 heavy and extra heavy oilfields have so far been discovered in Iran, including Ferdowsi oilfield in the Persian Gulf, which is one of the country's biggest heavy oilfields with proven reserves of more than 31 billion barrels.

Iran's total in-place oil reserves have been estimated at more than 560 billion barrels with about 140 billion barrels of recoverable reserve. Moreover, heavy and extra heavy varieties of crude oil account for roughly 70-100 billion barrels of the total reserves.

Iran holds the world's third largest proven oil reserves and the second-largest natural gas reserves.

... Payvand News - 12/25/11 ... --

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