Iranian Minister of Petroleum Announces Development of 3 New Oil & Gas Fields

.Iranian Minister of Petroleum Announces Development of 3 New Oil & Gas Fields.

Deputy minister of petroleum for planning and supervision on hydrocarbon resources says development contracts of 3 oil and gas fields, worth about 7 billion dollars, will be signed in near future.

Speaking in a regular meeting of high ranking oil industry managers with media representatives, Mohsen Khojasteh Mehr said: One aspect of oil industry strategy includes focusing on exploration in border areas adding exploration is underway in surroundings of those shared fields have already been discovered including Yadavaran and Azadegan oil fields.

In offshore sector, all exploration activities are concentrated in border areas while in onshore sector 67 percent of explorations are under way in border areas’, Khojasteh Mehr told the meeting.

Stating that 12 oil and gas fields, including 3 shared and 9 independent oil and gas fields, were discovered last year; the official continued accumulated discovered oil and gas reserves stand at 9 billion barrels of oil equivalent.”In addition, two billion barrels of oil was discovered in Sardare Jungle oil field in Caspian Sea waters“, the official noted.

He continued: Up to now 52 oil and gas formation have been identified in the county and further information will be announced upon the completion of explanatory activities.

Elsewhere in his remarks, deputy minister of petroleum said drilling activities had doubled in shared fields adding while two years ago just 26 drilling rigs were active in shared fields but thier number have reached 53 now, showing a great revolution in drilling activities.

During the last visit to Research Institute of Petroleum Industry by Supreme Leader of Islamic Revolution, petroleum minister promised to determine situation of all shared oil and gas fields, which subsequently led to signing 11 development contacts, worth 15 billion dollars, in last year.

The situations of 98 percent of shared fields have been determined and the figure rise to 100 percent when it is related to onshore shared fields.

He also said that during the last year shared oil and gas fields’ output rose by 20 and 22 percent respectively.

Press Release, September 24, 2012

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