Iran plans to ink $1.2b deal to develop oilfield in Persian Gulf

TEHRAN,Nov.5(MNA) – The Iranian Offshore Oil Company plans to ink a deal worth $1.2 billion with domestic contractors to develop the Soroush oilfield, IOOC Managing Director Mahmoud Zirakchianzadeh said on Sunday. The deal, which will be signed in the near future, is meant to boost the output of the oilfield, which is located in the Persian Gulf, by 25,000 barrels per day over the course of three years, the Mehr News Agency quoted him s saying. Previously, he told that the field’s current output is about 90,000 barrels per day. On October 14, Zirakchianzadeh said that Iran has prepared new oil development plans, with an estimated cost of $14 billion, for oilfields located in the Persian Gulf. “During the past two years, deals worth as much as $20 billion have been signed,” he said, adding, “New deals worth about $14 billion have been prepared and will be offered to contractors.” The deals are for activities related to the Farzad A & B, Soroush, Esfandyar, Tossan, and Alfa fields, Zirakchianzadeh stated. The Soroush oilfield, with around 15 billion barrels of in-place reserves, is one of the largest oilfields in the Persian Gulf. Recoverable reserves of the oilfield are estimated at 585 million barrels. Iran has attached priority to boosting gas production capacity at its joint oilfields with Qatar and Saudi Arabia. Iran and Qatar share a huge gas field. Iran’s section is called the South Pars gas field and Qatar’s section is called the North Dome gas field. The Iranian share, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of total world reserves, and more than 18 billion barrels of liquefied natural gas.