15 October 2007 - 13:11
  • News Code: 116542
Anaran Block Reserves Increase to 6-8bn Barrels

TEHRAN – Studies are underway to produce an accurate figure on oil reserves of Anaran block and experts predict that estimate of reserves would increase from the current figure of 4.7 billion barrels to 6-8 billion barrels.

Seyed Mahmoud Mohaddes, director of exploration affairs at the National Iranian Oil Company told reporters that Anaran block includes Changouleh and Azar field and increase in the estimate is due to new exploration in Changouleh reservoir and is based on early information obtained from the field.

The official noted that estimate on total reserves of Changouleh and Azar oil fields has been increased from 2 billion barrels to 4.7 billion barrels.

Mohaddes noted that to develop Changouleh and Azar oil fields, 24 wells will be drilled and assuming an initial recovery factor of 15 percent (which will be increased to 25 percent by using modern technology), the fields are to yield about 700 million barrels crude oil, which will fetch the country 35 million dollars at an oil price of 50 dollars per barrel.

The official stated that in the Anaran block, the contractor (Norsk Hydro Company) had undertaken to drill five exploration and appraisal wells and the first well hit oil.

He put API of Azar field’s oil at about 34 and noted that in place reserves of the field amount to more than 2 billion barrels.

Mohaddes also stated that Changouleh oil field is supposed to produce 6,000-7,000 barrels per day crude oil, adding, “In place reserves of the block have been estimated at 2.7 billion barrels while daily production has been estimated to hit 68,000 barrels.”

He stated that the Exploration Department of the National Iranian Oil Company is also planning 3-D seismography on Changouleh and Azar oil fields to obtain more information.

The official stated that seismography on Changouleh and Azar fields will cover an area of 36 square kilometers and will be carried out by Exploration Department of the National Iranian Oil Company.

News Code 116542

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