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Austrian firm to take part in development studies of Irans oil field

December 13, 2017/ 09:30

Baku. An Austrian energy firm, will take part in development studies of Iran's Susangerd oil field as sub-contactor. Austria's HOT Engineering signed a Memorandum of Understanding with IDRO Oil, a subsidiary of Iran’s government-owned IDRO (Industrial Development & Renovation Organization), for carrying out the studies on oilfield and submit the study results within 6 months, IDRO said.

Under the deal, the IDRO Oil and Austrian side will prepare a master development plan (MDP) for Susangerd field’s development, inform Trend.

Last May, IDRO signed a memorandum of understanding with the National Iranian Oil Company (NIOC) to carry out studies for development and increasing oil recovery rate of Susangerd, Cheshmeh-Khosh and West Paydar oil fields in partnership with a reputable international company.

Mansour Moazzami, managing director of the IRDO said last July that, after studies, IDRO will sign a contract for development and exploration of Susangerd oil field as well, putting the investment value for the project at $800 million to $900 million.

Nasrollah Zarei, managing director of IDRO Oil, said that the Austrian HOT Engineering has been chosen as international consultant, through a tender.

He added that after confirmation of the NIOC, technical information for completing the studies and preparing oil recovery rate methods (IOR , EOR) will be submitted to the Austrian company.

Susangerd oilfield, which was discovered in 2009, is estimated to hold more than 6 billion barrels of in-place oil reserves.

It is planned that 30,000 barrels of oil to be extracted from the field on a daily basis.

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