Iran to Raise Offshore Oil Output

August 14, 2013

Iran is to enhance oil recovery from its offshore fields by injecting 25 percent more water into them, a senior Iranian oil official said, according to FarsNews news agency.

Managing Director of Iranian Offshore Oil Company (IOOC) Mahmoud Zirakchianzadeh explained that water injection is a method of improved oil recovery (IOR) applied to offshore reservoirs.

“Currently, 400,000 barrels per day (bpd) of water are injected into the IOOC-administered fields. This figure will reach 500,000 to 530,000 bpd this Iranian calendar year to March 2014,” the official stated.

Zirakchianzadeh said simultaneous water and gas injection into the offshore Doroud oil field, located in the Persian Gulf island of Kharg, will enhance its recovery rate from 23 to 33 percent.

These projections are based on a 25-percent recovery factor from 106 billion barrels of in-place oil in the waters of the Persian Gulf and Caspian Sea.

Iran sits atop more than 96 billion barrels of in-place oil in the Persian Gulf.

Iran envisages a one-percent recovery enhancement from its oil reserves by 2015 when the country’s Fifth Five-Year Economic Development Plan ends.

With 137.6 billion barrels of proven reserves, Iran has the world's fourth largest oil reserves, and the second largest gas reserves, estimated at 29.61 trillion cubic meters (tcm).

Copyright, FarsNews, 2013.