Iran upgrades Persian Gulf oil potential

Pars Oil and Gas Co. has discovered a large oil layer beneath the Ferdowsi gas field in the Persian Gulf.

Offshore staff

TEHRAN -- Pars Oil and Gas Co. has discovered a large oil layer beneath the Ferdowsi gas field in the Persian Gulf. 

MD Dr. Ali Vakili claims 34 Bbbl could be in place, with an appraisal well currently under way for further assessment.

Iran also has upped its estimate of the oil potential at the giant offshore South Pars gas field.

In an interview with Iranian news service Shana, Dr. Mohammad Kermatai, head of reservoir studies at the Research Institute of Petroleum Industry, said new studies suggested the oil layer in the field was 2.5 times greater than previously thought.

Vakili, who was speaking at a meeting of the country’s senior oil managers, added that all remaining phases of South Pars gas should come on stream by 2014 to early 2015.

Currently, he added, development of phases 15-18 was over 50% complete, and they should start delivering gas early in 2012.

11/29/2010

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