Pertamina, Lukoil eye same oil projects in Iran

Indonesian State-owned Energy Company Pertamina and Russian Lukoil are negotiating with Iran to develop the same oil projects.
The Office of the Coordinating Economic Minister of Indonesia issued a statement Feb.27, saying that Pertamina will submit proposals to the Iranian government for the exploration of Ab Teymour and Mansouri oil fields.
Based on a study conducted by Pertamina, the oil reserves in the two fields amount to 1.5 billion barrels (recoverable oil).
“The production potential reaches 200,000 barrel per day at each field,” the statement said, the Jakarta Post reported.
On the other hand, the Middle East head of Lukoil Gati Al-Jebouri told Bloomberg Feb.27 that the company is is in talks with National Iranian Oil Company (NIOC) about the Ab Teymour and Mansouri oil fields in western Iran.
Both Pertamina and Lukoil are among 29 foreign companies that have been qualified by NIOC to take part in Iran’s upstream oil and gas projects.
Despite Pertamina’s study, NIOC’s own estimation indicates that the fields contain above 30 billion barrels of in-situ oil, but no information has been published about the recovery rate or recoverable reserves of fields.
Oil fields
Oil in-situ
(billion barrels)
Current production (Thousand b/d)
Cumulative production (million barrels)
API
Mansouri
15.142
60
347
20-25
Ab Teymour
15.258
60
315
22-22.5
It is possible both Lukoil and Pertamina could get involves in these projects, but they should choose an Iranian partner, based on newly designed contract model, called Iran Petroleum Contracts or IPC.
Iran introduced 49 oil and gas fields, including the mentioned two fields, for development to foreign companies in November 2015 and the tenders on development of projects would be issued in 2017 gradually.
Iran eyes $100 billion investment in upstream sector, of which 80 percent is foreign funds, by 2021 to develop these fields.

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