ICOFC Oil, Gas Plans Outlined

EghtesadOnline: In line with efforts to supply the northern provinces with natural gas in cold winter days, output from eastern and central gas fields will increase in the second quarter of the current Iranian year (started March 21), managing director of Iranian Central Oil Fields Company said.

News ID: ۷۷۸۸۴۳

28 August 2017

"Output from Khangiran gas field in Khorasan Razavi Province and Gonbadli field, shared by Iran and Turkmenistan, will reach 66 million cubic meters a day next month and will be maintained at the same level by 2021," Ramin Hatami was also quoted as saying by Shana on Sunday.

Iranian Central Oil Fields Company has three subsidiaries, namely West Oil and Gas Production Company, East Oil and Gas Production Company and South Zagros Oil and Gas Production Company.

According to the official, Khangiran field, operated by EOGPC, comprises three reserves called Mozdouran, Shourijeh B and Shourijeh D, and the extracted sour gas from the field is used to meet the northeast province's gas demand, Financial Tribune reported.

Pointing to Shourijeh D reservoir's extraction rate, he noted that 10 mcm of gas have been drawn from the reserve daily since March, which are planned to reach 16 mcm per day in winter.

SZOGPC Output

Asked about SZOGPC production, Hatami noted that the company has extracted close to 150 mcm of natural gas during the last five months.

Furthermore, 6,250 barrels of crude have been extracted per day from Sarvestan and Sa'adatabd fields in the same period.

"Natural gas production by SZOGPC is to reach 175 million cubic meters by October before rising to 200 mcm/d in winter," he said, noting that as soon as Khesht Oilfield goes on stream in winter, SZOGPC's oil production will reach 16,000 barrels a day and increase to 25,000 bpd by 2018.

According to the official, SZOGPC produced over 62 billion cubic meters of gas, 20 million barrels of gas condensates and 2.1 million barrels of crude oil in the previous fiscal.

SZOGPC operates nine natural gas fields and two oilfields in the central and southern provinces of Fars, Bushehr and Hormozgan.

The company also oversees 37 exploration projects and aims to expand operations across the Kohgilouyeh-Boyer Ahmad and Chaharmahal-Bakhtiari provinces.

"At an average oil price of $50 per barrel and a gas price of 13 cents per cubic meter, SZOGPC has earned an estimated $9.17 billion in annual revenues in the last fiscal year," Hatami noted.

WOGPC Production

On WOGPC output, Hatami added that 24 million barrels of crude were produced by the company in the period between March and July.

Moreover, 616 mcm of natural gas were extracted from Tang Bijar field in Ilam Province in the said period.

"The overhaul of facilities and installations in the west is undertaken by WOGPC's technicians," he said, adding that there is no need to employ foreign contractors to carry out maintenance operations.

Elaborating on oil and gas extraction rates in fields managed by WOGPC in Lorestan, Kermanshah and a part of Khuzestan, the official said close to 7 million cubic meters of natural gas, 7,000 barrels of gas condensates and 200,000 barrels of oil are produced on a daily basis from 12 fields in the region, five of which are among the joint fields with Iraq.

"Nonetheless, the fields are in the middle of their life cycle and production from some is declining," he said, noting that the output of hydrocarbon reserves will experience a decrease unless new technology used in ejectors and submersible pumps is employed.