Page 14 - MEOG Week 03 2023

MEOG NEWS IN BRIEF MEOG

Monday in support of the merger plan and restore output capacity to pre-sanctions approval to this project whose operation is
accompanying $620 million special dividend, levels. Therefore, two effective measures starting soon.
said the company was unable to comment were urgently taken in Kharg and Lavan, Phase 1 includes designing, manufacturing
because it had not seen the LGIM document. where output had dropped. Plans were and installation of a wellhead platform and
NewMed said on Monday that its merger also envisaged to increase output from the drilling of four wells. The crude oil produced
offer was final. Esfandiar and Forouzan fields. in this field, located 95 km southwest of Kharg
LGIM own 3.98% of Capricorn, Refinitiv Ali-Reza Mehdizadeh, CEO of IOOC, Island, will be transferred to Kharg Island
Eikon data shows. has said: “Due to the corrosion and frequent after being processed at Abuzar Platform.
Other shareholders publicly opposed to leaks of crude oil transmission pipeline from Furthermore, IOOC eyes drilling an
the NewMed deal include Madison Avenue, Abuzar Platform to Kharg Island during the appraisal well to obtain a better knowledge of
which owns an 8% stake, as well as Kite Lake last two years, the capacity of oil transmission the structure of the reservoir and designing
(7.4%), Palliser (6.9%) and Newtyn (6%). via that line had reached the minimum the following phases.
The votes will be decided by a simple level, and in the previous period, no serious A review of Iran’s oil output plans in the
majority of shares represented at the meeting. and effective measures were taken to solve Persian Gulf indicates the emphasis laid on
REUTERS the problem of the pipeline and replace it. increased production from joint fields. To that
Therefore, the NIOC Board of Directors end, enhanced recovery from the Forouzan
authorized credit allocation for the new field was envisioned. Development of
OIL pipeline.” Forouzan is one of the main four enhanced oil
The pipeline then became operational to recovery (EOR) projects considered by IOOC.
Iran plans lifting offshore carry crude oil and the previous decrepit line development manager of Forouzan, given
According to Shahram Motevassel,
was put out of service. That came after pigging
oil output and necessary tests. According to the CEO the priority of development of joint fields,
of IOOC, the operation of the alternative
accelerating output from Forouzan was put
Iran’s comprehensive plan to increase oil pipeline last March helped doubled IOOC’s on the agenda. Flow from the well began after
output is followed up on in line with the output in the Kharg area. 88 days of incessant work. Oil was struck after
objectives already envisaged for economic Mehdizadeh said another key measure with 2,738 meters of drilling. With the completion
prosperity. Therefore, Petroleum Ministry regard to enhanced oil recovery pertained to of this well, the drilling rig was moved to
has instructed National Iranian Oil Company Reshadat Platform in Lavan. another well and drilling would continue in
(NIOC) with a plan to use its oil fields to “Over recent years, due to untimely other wells.
increase oil output. Using offshore and overhaul, power supply to downhole pumps In parallel with designing, engineering,
onshore oil fields is among plans to that end in some wells experienced problems, which commodity and equipment purchase, as
with joint fields being prioritized. Here we halved production rate there,” he said, adding well as provision of necessary services, two
review the Iranian Offshore Oil Company that the production was doubled after the offshore drilling rigs have been installed in
(IOOC)’s oil output hike. IOOC is tasked with power supply problem was resolved. this joint field. The drilling of the second well
operating oil and gas fields off the Persian He said that the measures undertaken in in the Forouzan field is now over.
Gulf. the Kharg and Lavan areas in the second half Based on the initial capacity of the well,
IOOC runs oil and gas fields located of last calendar year largely contributed to 1,000 b/d of oil can be extracted from this
in 1,800 square kilometers of Persian Gulf IOOC’s enhanced recovery. well, while in the past days, the flow of the
waters. IOOC-administered fields hold 96 Another measure undertaken for increased well has been started and the cleaning of the
billion barrels of oil in place, 16 billion barrels oil production from Iran’s offshore fields well has also been done.
of which is recoverable. Official data put at 8.5 and restoration of output to pre-sanctions After drilling the first well in Forouzan oil
billion barrels the accumulated oil recovery levels is the implementation of the first phase field in May this year, this is the second well
from these fields. development of the Esfandiar field, where that has reached production in this field. It
In line with the 13th administration’s operations are expected to last 36 months. is planned to drill 26 wells in Forouzan by
plans to increase oil production and exports, Iran shares Esfandiar with Saudi Arabia. March 2024.
IOOC made necessary arrangements to The NIOC Board of Directors has given its IRAN PETROLEUM

P14 www. NEWSBASE .com Week 03 18•January•2023