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Iran absorbs $350m in four years for oil exploration
National Iranian Oil Company has concluded contracts worth some $350 million with foreign firms in the past four years to conduct oil exploration and descriptive survey operations, SHANA news agency reported on Wednesday.
The sum has been invested for the exploration of oil and development of Kouhdasht, Saveh, Garmsar, Khorramabad, Dayyer, Danan, and Moghan oil blocks, the report added.
 
Hereunder are the general specifications and the amount of investment made in each of the blocks:
 
Saveh Oil Block:
 
In 2005, NIOC signed a $14.5 million contract with PTTP of Thailand for carrying out exploratory and descriptive operations in Saveh Block. The volume of investment in this block is currently up to $38.5 million. The block covers an area of about 13,496 sq km.
 
Kouhdasht Oil Block:
 
China’s CNPC signed a contract for exploratory and descriptive operations of Kouhdasht Block in 2005. According to the contract, the Chinese firm should at least invest $18m and $69.5 million in the exploratory and descriptive operations of the block respectively.
 
Kouhdasht block is located in the west of Iran and covers an area of about 8,240 sq km.
 
Garmsar Oil Block:
 
China’s Sinopec inked a contract for exploration and development of the Garmsar oil block in 2006. According to the contract, Sinopec should invest at least $19.61 million in the Garmsar oil block. The block covers an area of about 12,183 sq km.
 
Khorramabad Oil Block:
 
In 2006 Norway’s Norsk Hydro Company signed a contract for development of Khorramabad oil block. According to the contract, Norsk Hydro will invest at least $49.5 million in the block. The block covers an area of about 7,424 sq km.
 
Dayyer Oil Block:
 
Italy’s Edisson Gas inked a contract for development of Dayyer oil block in 2007. The block is located in the southern province of Bushehr and covers an area of 8,580 sq km. The Italian firm should invest at least $43.71 million in the block.
 
Danan Oil Block:
 
Vietnam’s Petrovietnam company signed a contract for development of Dayyer oil block in 2007. The Vietnamese firm will invest at least $73.92 million in the block. The block is located in the Kermanshah province and covers an area of 5,470 sq km.
 
Moghan 2 Oil Block:
 
Croatia’s INA Company inked a contract for development of Moghan oil block in 2008. According to the contract, the Croatian company will invest at least $40.3 million in the block. The block is located in the Ardebil province and covers an area of 3,230 sq km
Aug 22, 2009 10:22
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