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Iran: Gas extraction and power project contracts valued at $3.8B signed off

Source: Mehr News Agency

The Iran Offshore Oil Company (IOOC) struck a $3.8 billion deal on Tuesday with Iran's Power Projects Management Company (MAPNA) for the development of the Persian Gulf's Forouz B gas field and an associated gas-fired power project.

Iranian Offshore Oil Company (IOOC)

MAPNA Managing Director Abbas Aliabadi was quoted by the Shana news agency as saying that the field holds around 28 trillion cubic feet of in-situ natural gas and 180 million barrels of gas condensates.

Aliabadi said the development plan, which is set for completion within five and a half years, aims to produce one billion cubic feet of gas, 10,000 barrels of condensates, and 3,000 megawatts/per day of power in the first phase.

Aliabadi was quoted previously as saying that the project will export a percentage of the power to neighboring countries.

The National Iranian Oil Company announced in November that 20 development contracts will be signed by the end of the current Iranian calendar year (March 19, 2012) for oilfields in the Persian Gulf.

Oil Minister Rostam Qasemi said in August 2011 that the oil industry's infrastructure needs more than 500 trillion rials (about $41 billion) of investment to achieve the goals of the country's 20-Year Economic Outlook Plan (to end in 2025).

Iran inks $800 million in oil deals

The Inter Naft Gas Prom Pars International Company signed an $800 million contract on Monday with Iranian Petroleum Engineering and Development Company to develop three heavy crude oilfields, namely Kooh Mond, Booshgan and Kooh Kaki, off the Persian Gulf coasts.

Under the development plan, the 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, Mehr news agency reported.

To date, eighteen heavy and extra-heavy crude oilfields have been explored in Iran. The Ferdowsi oilfield, the largest extra-heavy crude oilfield in the Middle East, will be operational by the end of the Fifth Five-Year Economic Development Plan (2015), the National Iranian Oil Company's Director For Planning Affairs Abdolmohammad Delparish announced in September 2011.

Delparish added that development of onshore heavy-crude oilfields such as Kooh-e Mond and Zagheh were also on the agenda.

Currently, Iran's developed oil reserves are estimated at 560 billion barrels, of which 140 billion barrels are recoverable, including 70 billion barrels of heavy and extra-heavy crudes.

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

... Payvand News - 02/21/12 ... --

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