Page 5 - MEOG Week 33
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MEOG Commentary MEOG
Pars accounting for around 14 tcm as well as 18bn barrels of gas condensates.
e Islamic Republic has a 3,700-square km portion of the 9,700-square km deposit that is shared with Qatar, where it is known as the North Dome eld.
Investment to-date in South Pars is thought to be in excess of $32bn, with several times this required for the full development of the remain- ing phases.
Production from South Pars, which is split into 24 phases of development, reached 610mn cubic metres per day according to local media reports. Tehran has a goal of increasing output from South Pars to at least 1 bcm per day as soon as possible.
Earlier in the year, Middle East Oil & Gas (MEOG) reported that the NPV of the SP11 site was $116bn.
on August 16, Shana added that Petropars would commission and operate South Pars Phase 14, with the work including pre-start-up monitoring, commissioning, start-up, opera- tion, performance guarantee testing and early production from the phase.
Meshkinfam was also cited by Shana as say- ing the development of Kish Gas Field near Kish Island in the Persian Gulf was one of the top cur- rent priorities of PoGC, with a review of the rst phase of developing the eld underway.
yadavaran
Meanwhile, following Sinopec’s o er of more than $3bn to fund the development of Yadavaran in early 2019, the managing director of the local
Petroleum Engineering and Development Co. (PEDEC) said that negotiations were ongoing for Phase Two.
e Chinese rm is said to believe that its e orts to work on the eld will not be subject to uS sanctions because its agreement to do so was rst signed in 2007.
PEDEC’s Touraj Dehqani told ISNA: “Talks are still ongoing, but the process is going on at a slow pace.”
Sinopec has so far invested $2bn in Yadav- aran, having taken over as operator in 2008 when production was running at 25,000 barrels per day. output is now around 120,000 bpd. e second phase entails the drilling of 105 wells to achieve 180,000 bpd, with Phase 3 targeting out- put of 300,000 bpd.
Meanwhile, PEDEC recently unveiled plans to connect Yadavaran to the West Karoun Power plant.
Hojat Norouzi, PEDEC’s director for Yadav- aran, said: “ e Yadavaran oil eld development project is the rst project which will be powered through the West Karun Power Plant.”
Much like CNPC at SP11, Tehran has threat- ened to remove Sinopec from Yadavaran if it does not facilitate a swi ramp-up in output.
Iran has long feared that its elds along its border with Iraq have been su ering as a result of delays in their development and their joint reservoirs being drained from elds on the Iraqi side. oil output from Iran’s West Karoun oil eld cluster, which includes Yadavaran, Azadegan and several smaller deposits, has risen by around 250,000 bpd in the last two years.
Week 33 20•August•2019 w w w . N E W S B A S E . c o m P5
