Iran’s Oil Ministry has signed a contract with Khatam al-Owsia Headquarters for the development of two offshore oil fields in the Persian Gulf.
The contract for the development of Tosan and Alpha oil fields in the Persian Gulf was signed on Monday in a ceremony attended by Iran’s Oil Minister Rostam Qasemi.
The headquarters is supposed to carry out basic studies on the development plan of the two fields before offering its technical and financial proposals.
The development plan of Alpha oil field aims to build a satellite platform to produce a daily amount of 5,000 barrels per day (bpd) of crude oil and transfer it to Resalat offshore platform.
The contract also requires Khatam al-Owsia Headquarters to drill four wells and build an undersea pipeline of over 25 kilometers (km).
The studies conducted by the National Iranian Oil Company (NIOC) show that the in-place oil reserve of Alpha oil field is about 80 million barrels with an extractable amount of about 12 million barrels.
The main goal of developing Tosan oil field is the early production of 10,000 bpd of crude oil in the first phase and the assessment of the impact of water injection into the field in the second phase.
Four new wells will be drilled in the field and an 18-inch pipeline will be built to carry oil to Hengam field production facilities near Kish Island. The pipeline will include 35 km of undersea and 20 km of onshore pipelines.
In-place oil reserves of Tosan oil field have been estimated to be about 411 million barrels. Extractable reserves have been put at 53-70 million barrels before and 107 million barrels after water injection.