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Darkhovain Oilfield’s Third Phase Development Contract Signed

Source: Shana 8/16/2011, Location: Asia

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A contract worth about 1.6 billion dollars was signed on development of Darkhovain oil field’s phase three in the presence of Iran’s minister of petroleum Rostam Qasemi.

The project with the aim of producing 71 thousand barrels per day was signed by the Petroleum Engineering and Development Company (PEDEC) on the one hand and a consortium comprising of Omid Investment Management Corporation affiliated to Iran’s Bank Sepah, Iran Itok company and Pooya Energy Company on the other.

The needed investment for development of the Darkhovain oil field’s third phase had been already estimated at 1.2 billion dollars.

Two phases of Darkhovain oil field has been already developed with the aim of producing 160 thousand barrels per day.

In place oil reserves of Darkhovain oil field are estimated at 5.2 billion barrels of which 1.3 billion, or 26 percent, could be recovered.



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