TEHRAN (Press TV) - Iran is set to announce that an operating unit of the China National Petroleum Corporation (CNPC) will be the major stakeholder in the development of its supergiant new oilfield find Namavaran.
Namavaran is the second largest oilfield discovered in Iran with 54 billion barrels of oil in place, following the Asmari oil layer in Gachsaran with 68 billion barrels.
According to the senior Iran source, this figure may be increased as there is a good chance of a continuation of the overall reservoir to the south.
The entire reservoir measures nearly 2,400 kilometers up to a mean average depth of 80 meters and consists of relatively dense and heavy crude oil.
It was first probed in early 2016, at which time initial testing showed the presence of around 33 billion barrels. Since then, more rigorous testing over a wider area has pointed to a further 22 billion barrels or so of oil, thus giving the figure of just about 54 billion barrels.
The reservoir encompasses areas of previous development that were thought to be distinct fields, including Ab Teymour, Mansouri, Soosangerd, Darkhovin, Jofeir and Sepehr.
Some of these fields take up part of that original 33 billion barrels, although the precise amount has yet to be determined but in any event, Iran is currently working on the basis that the new immediately exploitable find is between 22 and 27 billion barrels.
At the moment, the only developer on the spot is Iran’s Khatam al-Anbiya Construction Headquarters (KAA) which is the target of primary sanctions by the US. The sanctions limit Iran’s access to the latest in testing, drilling, and extraction expertise and technology.
Assuming 10% recovery rate in the field, 2.2 billion barrels of crude oil would be produced from Namavaran, Minister of Petroleum Bijan Zangeneh has said.
To put this into perspective, Saudi Arabia is reportedly averaging a recovery rate of just over 50 percent, and is now moving towards 70 percent.