Iran is set to move ahead with a $500 million deal for the production, development, and enhanced oil recovery from the South Pars oilfield. The project will introduce new horizontal drilling and foreign technologies for the first time ever. This project could be even bigger than expected, as analysts estimate the field is likely to have a lot more oil than public estimates. Iran is moving ahead with a US$500-million contract for the production development and enhanced oil recovery from its strategically vital South Pars Oil Layer signed between the National Iranian Oil Company (NIOC), the Iranian Offshore Engineering and Construction Company, and an as-yet officially undisclosed foreign company. “In this contract, for the first time, horizontal drilling with new foreign technologies and water injection will be used as one of the methods of production enhancement,” said NIOC chief executive officer, Mohsen Khojasteh-Mehr. “The two key points to understand […]