TEHRAN (PIN) – National Iranian Oil Company exploration manager elaborated on the eight billion barrel increase in in situ crude oil reserve of Ferdowsi field in the Persian Gulf.

Seyyed Mahmud Mohaddes told PIN that the company conducted thorough studies on Golshan and Ferdowsi fields in collaboration with the Swiss company Adax, showing that the crude reserve of Ferdowsi had soared to 31.7 billion barrels.
“According to the prediction, Ferdowsi field is expected to produce some 70 thousand barrels of oil per day,” said the NIOC official, adding the Swiss company had proposed to develop the field in 10 phases.
Mohaddes said the new in-place deposit of Ferdowsi field was reported to Iranian Oil Offshore Company (IOOC) and NIOC’s Combined Planning Management and the duo were told to outline its development plan in case conditions were appropriate.
He compared the oil reserves of Golshan and Ferdowsi fields with Azadegan field and said the derivation coefficient of Azadegan stood at 10 percent on average while the figure for Golshan and Ferdowsi reached six percent.
Seismographic operations of Ferdowsi oilfield were carried out during a project named PC2000 that included the complementary seismographic measurements in the Persian Gulf and Sea of Oman, said the exploration manager.
Three exploration wells were drilled during studies on Golshan and Ferdowsi fields, said Mohaddes, adding Golshan field’s deposit was estimated at 4.5 billion barrels, but the outlining of a development plan for the field, due to insufficiency of data, was on hold.
He added Ferdowsi field held huge reserve, justifying since the field’s in situ oil was of heavy type, more investment and the latest technology were required.
Oil Minister Gholamhossein Nozari Thursday said Ferdowsi field more than 30 billion barrels of in-place crude oil.
During his visit to development plans of South Pars field, the minister told reporters that Adax had conducted new studies on Ferdowsi field, showing that over 30 billion barrels of in situ crude existed there.
“We are outlining plan on the development of the field,” added Nozari.
The minister paid visits to phases 6-10 of South Pars field.
He firstly visited phases 9 and 10 and was briefed on related executive operations.
Later in the day, Nozari inspected phases 6, 7, and 8 as well as Arya Sasol, Jam, Kavian, Mehr, and Morvarid petrochemical complexes.
Akbar Torkan, Petroleum Ministry’s planning manager, Ali Vakili, Pars Oil and Gas Company (POGC) managing director, and Gholamreza Manuchehri, Petropars Company managing director, accompanied the minister.
Nozari said Phase 6 was ready for exploitation as all tests yielded satisfactory results.
According to him, Phase 7 would come on stream by March 2008 and Phase 8 would become operational next May.
He expressed his satisfaction with the progress of phases 9 and 10, however, adding the two phases faced with a minor problem regarding supply of products.
Nozari expressed hope the necessary products would be provided at due time and the two phases would be put into operation next summer.
Shifting to supply of fuel in the upcoming winter, Nozari said consumption depended on climatic conditions.
Explaining about investments made in joint and independent oil and gas fields, he said, “We are now implementing several projects concurrently and separately as we are developing joint fields and independent fields such as North Pars, Golshan, and Ferdowsi separately and simultaneously.”
He added the contractors had shown interest in participation in the development plans of independent oil and gas fields of the country.
“Iran’s oil industry is very appealing to foreign investors and we welcome them,” said the top official, adding, “For this reason, we are holding talks with Chinese companies on the development of North Pars field and with Malaysian companies on the development of independent Golshan and Ferdowsi fields.”