5 January 2021 - 15:25
  • News Code: 311703
Iran Raises Volume of Estimated Persian Gulf Oil Reserves 

TEHRAN (Shana) – The Iranian Offshore Oil Company (IOOC) has carried out fast track comprehensive projects of reservoir studies on four oil fields it operates in the Persian Gulf, ratcheting up estimated oil reserves by more than 740 million barrels.

According to IOOC, Ali Khajavi, the technical affairs manager of the comapny, said: "By conducting fast track studies on the four fields of Hendijan, Bahregansar, Abuzar and Nowruz, the total in-place crude oil in these fields compared to the last approved study increased by 742 million barrels from about 9.1 to about 9.9 billion barrels.”

He added: "Following the policies announced by the Ministry of Petroleum and the National Iranian Oil Company on defining projects for conducting fast track reservoir studies, the Iranian Offshore Oil Company outsource these studies back in 2019.” 

Khajavi said that the studies had been completed in less than 9 months and with an average monthly progress of more than 11% with the continuous efforts of the experts of the Iranian Offshore Oil Company and the cooperation of domestic consulting companies. 

"Based on production forecast scenarios, the total recoverable crude oil in these four fields has increased by 217 million barrels and reached more than 3.2 billion barrels, which, considering the price of $45 per barrel for oil, is equivalent to about $10 billion worth of extractable resources operated by IOOC.”

According to him, conducting master development plans on the reservoirs is the most important tool for optimizing production, selecting the appropriate way of reservoir development and ultimately increasing the recovery factor of hydrocarbon reservoirs.

News Code 311703

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