South Pars Oil Output Surpasses 1m Barrels

Source: www.gulfoilandgas.com 5/16/2017, Location: Asia

Production from the oil layer of South Pars, the giant gas field shared between Iran and Qatar in the Persian Gulf, has exceeded 1 million barrels in less than two months, managing director of Petroiran Development Company (PEDCO) said Saturday.

“The second crude oil cargo from the field is expected to be shipped out by the end of May,” Roham Qasemi was quoted as saying by Shana.

Regarding export of the first crude consignment from the oil layer earlier this month, Qasemi noted, “The extraction operation via an advanced $300-million floating production, storage and offloading (FPSO) vessel, the FPSO Cyrus, started in April and since then 22,000 barrels per day have been drawn on average.”

A FPSO is a ship-shaped vessel, with processing equipment on the deck as well as hydrocarbon storage units. After processing, the offshore facility stores oil or gas before offloading periodically to shuttle tankers or transmitting processed petroleum via pipelines.

According to Qasemi, Iran aims to stabilize production from the SP layer at 25,000 barrels per day and gradually boost output to 55,000-60,000 bpd.

“The buyback contract to develop the first phase of the venture was signed between the National Iranian Oil Company and PEDCO in 2004,” the official said, adding that the NIOC recently appointed Pars Oil and Gas Company (POGC) as the new contractor of the second development phase of the oil layer until ongoing talks with oil giants yield results.

The oil layer is located 130 kilometers off Iran’s coast in the Persian Gulf with an estimated 7 billion barrels of oil in place.


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