South Pars oil program under way

Drilling has started on the South Pars gas field’s oil layer offshore Iran, which contains an estimated 1.6 Bbbl, according to a report by Pars Oil and Gas Co. (POGC).

Offshore staff

TEHRAN, Iran – Drilling has started on the South Pars gas field’s oil layer offshore Iran, which contains an estimated 1.6 Bbbl, according to a report by Pars Oil and Gas Co. (POGC).

Company managing director Mousa Souri told the Pana news agency that two drilling rigs would be at work on this program. The two rigs were due to operate in shared portions of the South Pars field this year. Souri said POGC is looking to rent an FPSO for operations on the Iranian side.

Last month, he said about $800 million would be needed to develop the oil layer in both the offshore and onshore sections, and that production from the oil layer should begin by next March.
Iran shares the South Pars gas field with Qatar. Iran’s share, which is divided into 29 phases, contains about 14 tcm (494 tcf) of gas, and more than 18 Bbbl of liquefied natural gas resources.

7/17/2012

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