Petropars to develop new oilfield in Venezuela
The MD of Iranian Petropars Company spoke of the ending of economic and technical feasibility studies of an oil field
in Venezuela and the finalization of the development of the field in the month of September.
Gholamreza Manuchehri said: "After mutual sessions of IRI and Venezuelan oil ministers, agreements were reached for
the development and utilization from the Dobokubi oil field in Venezuela by Petropars, which has a capacity of
approximately 380 mm barrels of oil."
He went on to say: "Petropars is at present in the process of finalizing the technical and economic feasibility
studies of the field, where the investment amount as well as production and development capacities of the field will
be assigned and if investment within the field is justified, Petropars company will accept a 20 % share as a partner
in the field. Feasibility studies will end in September."
Manuchehri expressed optimism regarding the oil field and went on to say that it had short-term returns prospects
which would be an opening for entry of Petropars into the Venezuelan oil production market.
He also cited: "The field has the promise of 12,000 barrels of oil production per day which may increase to 25 to
30,000. The type of contract will be mutual and if oil output is increased there will be a long-term
cooperation."
Manuchehri concluded that there had been some cooperation in the recent years with Venezuela in various areas and to
present time the activities in the area of engineering services had gained $ 7-8 mm for the IRI in that country.
