ONGC huge offshore gas reserves confirmed - Iran
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In the middle of January 2008, a report submitted by ONGC Videsh Ltd (OVL) to the National Iranian Oil Company (NIOC) declared a revised estimate of gas reserves for the offshore B-Structure in the Farsi Block at between 9.48 and 21.68 Tcf. According to local Shana press reports, the studies discount the presence of crude in commercial quantities, although the heavy oil accumulations probably extend into Saudi Arabian waters. Oil Minister Gholam Hossein Nozari has this week been quoted in the Gulf Daily News as saying the field has reserves of 11 Tcf. The fourth and final well drilled by an Indian group led by OVL in the Farsi Block in the Persian Gulf is understood to have targeted the 1966 B-Structure 1 or FB 1 wet gas discovery, which is located close to the Saudi Arabian territorial boundary. In addition, the 1966 discovery well is known to have encountered heavy oil/asphalt throughout the Tertiary to Cretaceous section, regarded as non-commercial when originally drilled. OVL's first three wells were drilled on the 1972 BB 1 heavy oil discovery that was previously reported to have oil in place of around 1 billion barrels. OVL (operator, 40%) is partnered in the Farsi Block by India Oil Corporation (IOC) holding 40% and Oil India Ltd (OIL) with 20%. The block was awarded in December 2002.
This article is extracted from International Oil Letter, Vol 24 issue 6, published 15 February 2008.
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