Iran inks $800 million in oil deals

TEHRAN,Feb.21(MNA)--The Inter Naft Gas Prom Pars International Company signed an $800 million contract on Monday with Iranian Petroleum Engineering and Development Company to develop three heavy crude oilfields, namely Kooh Mond, Booshgan and Kooh Kaki, off the Persian Gulf coasts. Under the development plan, the three oilfields are expected to produce 10,000 to 12,000 barrels of oil per day in the first phase, and about 25,000 barrels per day in the second phase, according to the report. To date, eighteen heavy and extra-heavy crude oilfields have been explored in Iran. The Ferdowsi oilfield, the largest extra-heavy crude oilfield in the Middle East, will be operational by the end of the Fifth Five-Year Economic Development Plan (2015), the National Iranian Oil Company’s Director For Planning Affairs Abdolmohammad Delparish announced in September 2011. Delparish added that development of onshore heavy-crude oilfields such as Kooh-e Mond and Zagheh were also on the agenda. Currently, Iran’s developed oil reserves are estimated at 560 billion barrels, of which 140 billion barrels are recoverable, including 70 billion barrels of heavy and extra-heavy crudes. Iran holds the world's third largest proven oil reserves and the second-largest natural gas reserves.