NIOC inks contract with Iranian oil executive to boost oil, gas output

EghtesadOnline: National Iranian Oil Company (NIOC) inked a crucial deal with Iranian Persia Oil & Gas Industry Development Co. (POGIDC) for an increase in output of several Iranian oil and gas fields.

News ID: ۷۷۰۰۸۹

05 October 2016

Under a deal signed between the two parties daily crude output of the oil fields North Yaran and South Yaran and the Koupal and Maroon reservoirs will increase up to at least 260,000 bpd from the current output of 185,000 bpd.

The NIOC expects under the deal that in light of developmental activities of Tadbir Energy Development Group in North Yaran, South Yaran, Koupal and Maroon, the crude output of the fields and reservoirs will increase to at least 260,000 barrels per day from former 185,000 barrels per day, said Ali Kardor, the NIOC managing director, in the ceremony for conclusion of the Heads of Agreement (HoA) by the NIOC and POGIDC, reports IRNA.

Four fields have 14.5 billion barrels of in-situ oil in their reserves and relying on the current rater of recovery, the amount of recoverable oil reserves in the fields stands at about 2.5 billion barrels.

Kardor underlined using the state-of-the-art technologies for implementing methods for increasing recovery from the four fields and said for the time being, the recovery coefficient of Yaran field is about 10 percent, that of Bangestan reservoir of Maroon field at about 9.3 percent, that of Bangestan reservoir of Koupal oil field at about 13 percent, and that of Asmari reservoir at more than 18 percent.

He noted that $2.2 billion needs to be invested in projects for development of the fields, and hoped that POGIDC is as qualified and capable as foreign companies.