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$5.5 billion in new oil, gas projects in Iran

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Staff Writer | October 9, 2017
Oil projects Iran
Oil exploration   The investment opportunities

The Iranian Central Oil Fields Company is drafting an investment package for oil and gas projects estimated to value over $5 billion, deputy for planning at ICOFC said.

"Around $5.5 billion worth of projects to develop oil and gas fields and build gas compressor stations are being planned by ICOFC," Shahriar Aqaei was also quoted as saying by the company's website.

"The investment opportunities include the development of at least 10 gas fields and construction of compressor stations for five fields in central regions," he added.

A compressor station helps the transfer of natural gas from one location to another.

The investment lineup is made up of mostly small gas deposits that have not been a priority for development, as Iran spends most of its resources on joint oil and natural gas fields in the south and southwest.

The ICOFC projects are to follow a major deal signed with French energy company Total earlier this year to develop Phase 11 of South Pars, the world's largest natural gas field shared between Iran and Qatar in the Persian Gulf.

The official also said plans are in place to develop western oilfields, including Aban, Paydar, Danan, Cheshmeh-Khosh, Dalpari, Naft-Shahr, Dehloran and Khayyam, in Ilam and Khuzestan provinces that share borders with Iraq in the west. He did not elaborate.

"Some 250 projects are being implemented under the supervision of ICOFC, including 200 engineering and construction projects," he said.


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