NIOC estimates value of Kish gas field over $ 30 bn

Jun 19, 2006 02:00 AM

Director of exploration department of the National Iranian Oil Company (NIOC) noted that the value of natural gas and gas liquid products of Kish gas field, which has been discovered recently, stands at more than $ 30 bn.
Seyed Mahmoud Mohaddes told that if every cm of gas is valued at 2.5 cents and every barrel of gas liquids of the field is worth over $ 30, then total products of the field are estimated to be worth over $ 30 bn.

He said recovery factor of Kish field stands at 75 % and exploitable gas of the field has been estimated at 36 tcf (1,020 bn cm).
“According to available information, in place gas liquids of Kish gas field are about 514 mm barrels and at a recovery factor of 35 %, about 180 mm barrels of it will be exploited,” he noted.

Mohaddes stated that studying various layers of the reservoir has revealed that the field enjoys 48 tcf (1,360 cm) in place gas, adding, “Daily production of the field will be about 3.5 bn cf or 100 mm cmpd.”
He said Kish field’s gas contains 50-80 PPM hydrogen sulphide and its degree of sourness is very low.

National Iranian Oil Company’s director of exploration noted that Kish anticline was studied geologically a long time ago, but a big old fault in the region had created great dislocation which caused experts to be doubtful about drilling there.
“Therefore, we carried out seismographic operational around Kish Island and the results showed that Kish anticline is intact and risk of exploration in that region is not high. Therefore, due to high demand for gas in Kish Island, we decided to drill the field and exploration operations began,” he said.

The official stated that the drilling site is located 3 km southwest of Kish airport and the road to the field has been constructed in cooperation with Kish Free Zone Organization.
“Drilling an exploration field has been done to a depth of 4,400 m. drilling at that depth as well as in various layers have produced good results,” he said.

Source: PIN
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