National Iranian Oil Company (NIOC) plans to absorb as much as US $25 billion worth of investment for its development, exploratory and seismic operations during the current Iranian calendar year up to March 2014.
At the closing ceremony of seismic operations at Ahwaz oil field, NIOC’s managing director, Ahmad Qalebani, said the company brought about $24 billion in investments for 2012.
“The last two years were the best in view of exploration activities that discoveries exceeded the fifth five year development plan’s expectations,” Qalebani said.
Qalebani thanked Dana Company for managing to complete 3D seismic operations at Ahwaz oil field 50 days ahead of schedule.
Investments include a $16 billion investment in South Pars field, located in the Persian Gulf. South Pars is divided into 29 phases, and contains approximately 14 Tcm of gas, or about 8% of total world reserves, and holds about 16 MMbbl of recoverable condensate.
“Phases 15 and 16 and parts of phases 17 and 18 of South Pars gas field will become operational by the end of current Iranian year (ends March 20, 2014), while the remaining phases will become operational within next two years,” Qalebani said.
3D seismic operations at Ahwaz oil field, another important project of the National Iranian Oil Company (NIOC), was implemented in the south of Iran with the goal of providing accurate maps of the oil field’s reservoirs.
“Today the majority of upstream projects are implemented by domestic contractors implying great capabilities, domestic contractors, and oil industry staff enjoy for implementation of projects,” an NIOC official said.The operations—which started in the second half of Iranian calendar year 1390 (March 20, 2011) was implemented in an area covering a 1.5 km with $448,140 credit.