26 - 28 Sep 2018

Tehran Goftegoo Park

Foreign Investors Positive About Iranian Oil Projects

Iran’snew model of contracts for oil and gas projects has made investment in thecountry’s petroleum industry much more appealing for multinationals. LyuGongxun, vice president of PetroChina Company Ltd., made the statement on thesidelines of the Third Iranian Petroleum and Energy Club Congress andExhibition (IPEC) in Tehran on Wednesday, Shana reported.

Pointing to the fact that Iran’soil petroleum industry is full of opportunities and challenges, Gongxun said,“Concerted efforts should be made to expand energy ties between Tehran andBeijing, as such collaboration can help minimize investment risks and attractmore financers.”

Attaching great importance toadopting cutting-edge techniques to enhance the recovery rate in Iran’s massiveoil and gas fields, the official noted that the Chinese company is equippedwith state-of-the-art technology to help the country achieve the goal in thesafest possible way.

The Chinese official alsohighlighted the company’s commitment to environmental issues in Iran.Reportedly, Tehran is also in talks with PetroChina on collaboration andtransfer of know-how in the petrochemical sector.

Based in Beijing, PetroChina isthe country’s biggest oil producer. It is a subsidiary of state-owned ChinaNational Petroleum Corporation that has been actively seeking a place in Iran’senergy sector after the lifting of international sanctions against Tehran lastyear.

The prospective cooperation withPetroChina will further expand the role of Chinese majors in Iran’s energymarket.

 Major Breakthrough

According to Alessandro Tiani,Italy’s Eni’s vice president for advanced reservoir modeling and EOR technologies,who also delivered a lecture at IPEC, Iran holds the world’s second biggestnatural gas reserves after Russia, and has the fourth-largest proven oilreserves, that is why raising recovery factor in the country’s hydrocarbonreservoirs even by 1% can translate into a major breakthrough. Referring to theimplementation of advanced enhanced oil recovery and improved oil recoverymethods, Tiani said as long as the methods are not applied appropriately, notonly do they not yield positive results, but they can also result inirreparable damage to the reservoir.

“Having access to sophisticatedtechniques, Eni can help the National Iranian Oil Company accomplish itsstrategic goal in the shortest possible time,” he added, noting that Eni wasinvolved in the development of several oil and gas projects in Iran before aseries of international sanctions barred multinationals from investing in thecountry.

The projects that the Italianenergy giant was involved in Iran included the development of phases 4 and 5 ofthe country’s South Pars Gas Field as well as the Darkhovein, Doroud and Balaloilfields. The Italian energy giant has also signed a memorandum ofunderstanding with NIOC to conduct technical surveys on Kish gas field and thethird phase of Darkhoveyn Oilfield in six months.

IPEC aims to promote efficiencyas a public and non-governmental organization staffed by senior executives,experts and researchers active in the fields of strategic management, energyeconomics, technology and commerce.

This association followsnational index experience of oil and energy fields with an efficient structureto use the optimal capacity, establish good relations among executives andfacilitate the transfer of know-how to hundreds executives and entrepreneurs.

Source: Financial Tribune

Published: 10/12/17