Page 4 - MEOG Week 17 2022

MEOG COMMENTARY MEOG

Iran continues to make

upstream progress

Iran provided more drilling updates this week as projects awarded in 2020
begin to have an effect and it works towards its ambitious capacity goal.

IRAN IRAN announced progress on more oilfield Mansourabad, Maroun, Ramin, Siahmakan
expansion projects this week as it continues to and Zilaei.
work to increase production capabilities across At the time, NIOC managing director
WHAT: its portfolio of assets. Masoud Karbasian said that the 13 contract
News was announced The updates come as Tehran maintains opti- awards would form the second part of a broader
about the ongoing mism about oil export opportunities while reit- move to increase output capacity from 33 fields
expansion of the offshore erating its intention to raise oil output from the to more than 280,000 bpd.
Forouzan and Resalat current 2.55mn barrels per day to 5.7mn bpd by Shahram Motevasel, IOOC’s director of the
oilfields while repair and the end of the decade. Forouzan project, said that local companies had
completion work came completed the project and it is now in place and
to an end a well in the Offshore operational.
onshore Ahvaz asset. Around 20 months since contracts were awarded “Thanks to the priority of developing
for their development, progress was announced near-border and joint fields, the project to
WHY: on two offshore fields. The Ministry of Petro- increase production at the field gained momen-
Iran is seeking to leum (MoP) announced that the Iranian Off- tum, and on April 20 the first well began produc-
increase recovery rates shore Oil Co. (IOOC) – a subsidiary of the tion,” he was quoted as saying by Iran’s Labour
across its oilfields, with National Iranian Oil Co. (NIOC) – had com- News Agency (ILNA).
large resources having pleted and commissioned the first well under an According to Motevasel, this is the first of
often failed to live up to expansion programme at the Forouzan oilfield, eight wells planned to raise output at the field. He
their potential. while the company also moved a rig from the said the drilling rig has been moved to another
Resalat oilfield. location after the well was completed to continue
WHAT NEXT: Forouzan and Resalat were among 13 fields drilling. The development of the field is being
With the country thought covered by a $1.78bn raft of contracts awarded overseen by the Iranian Continental Shelf Oil
to have 145 hydrocarbon by NIOC and its subsidiaries in August 2020, Co. (ICSOC), though it falls under the remit of
fields, contracts are encompassing a 180,000 bpd oil production IOOC.
likely to continue being expansion. IOOC contracted Petropars and Mobin
awarded for similar work The remainder for projects at the follow- Sazeh Gostar (ISOICO) to carry out an engi-
as Tehran pushes to raise ing onshore oilfields in the south of the coun- neering, procurement and construction/engi-
oil capacity. try: Ahvaz, Balaroud, Chalingar, Garangan, neering, procurement and drilling (EPC-EPC)

P4 www. NEWSBASE .com Week 17 27•April•2022