Doroud oil field, which is located in Kharg Island and northwest of the Persian Gulf, is among developed oil fields which the Iranian Offshore Oil Company (IOOC) presented to foreign investors within the framework of the new model of oil contracts known as Iran Petroleum Contract (IPC).
Nearly 16 years have now passed since an agreement was signed for the development of the Doroud field. Enhanced recovery from the field has not been achieved despite gas injection since 2008.
According to the Department for Economic and Financial Feasibility Studies of National Iranian Oil Company’s Directorate of Corporate Planning, the investment needed in the Doroud field over four years has been calculated, which would be secured through signing F, EPCF, and EPDF deals. The project costs will be recouped over six years from the increase in the crude oil production capacity.
The package of investment for the integrated development of IOOC oil and gas fields has been drawn up in line with Iran’s law on the removal of barriers to competitive production and upgrading the fiscal system. It will take effect following the acquisition of necessary permits from the NIOC Board of Directors and the Economic Council and signing agreements with investors. This investment package takes into consideration compliance with Iran’s Fifth Five-year Economic Development Plan for the prioritization of development projects including the Development of jointly owned oil and gas fields.
Doroud oil field development project is along with IOOC-run projects open to investment. IOOC is a leading company in applying ESP to wells and gas lifting in the country. It intends to focus on improving the rate of recovery from hydrocarbon fields nominated for investment.