Yadavaran Field
Encyclopedia
Yadavaran Field oil field is one of the NIOC Recent Discoveries which is located in Khuzestan, Iran
.
The name is new, as the field is made up of two former fields, Koushk (discovered in 2000) and Hosseinieh (discovered in 2002). After researchers discovered that the two fields were actually connected, the field was renamed as the Yadavaran Field.
The field is estimated to have reserves of up to 17 billion barrels (2.7 km³) of oil, with 3 billion barrels (0.5 km³) considered to be recoverable.
On October 29, 2004, Iran negotiated a $70 billion deal with Sinopec
, giving the Chinese company a 51% stake in the field's development. As part of the deal, China agreed to buy 10 million metric tons of liquified natural gas (LNG) from Iran per annum for 25 years.
On December 2007, NIOC and Sinopec signed the final agreement for development of Yadavaran oil field. Based on the contract field will reach to the 180000 oilbbl/d of production capacity. Sinopec will be operator with a 51% stake in the project and NIOC holding the remaining interest. Total project cost at around US$2 billion.
The field will be developed under an enhanced Iranian buyback contract. The most significant revision in terms from earlier versions is that the partners will only agree the target capital cost of the development following receipt of construction tender submissions. This should reduce the contractors’ exposure to value erosion through cost inflation.
Iran
Iran , officially the Islamic Republic of Iran , is a country in Southern and Western Asia. The name "Iran" has been in use natively since the Sassanian era and came into use internationally in 1935, before which the country was known to the Western world as Persia...
.
The name is new, as the field is made up of two former fields, Koushk (discovered in 2000) and Hosseinieh (discovered in 2002). After researchers discovered that the two fields were actually connected, the field was renamed as the Yadavaran Field.
The field is estimated to have reserves of up to 17 billion barrels (2.7 km³) of oil, with 3 billion barrels (0.5 km³) considered to be recoverable.
On October 29, 2004, Iran negotiated a $70 billion deal with Sinopec
Sinopec
China Petroleum & Chemical Corporation Limited , or Sinopec Limited , is a majority owned subsidiary of state owned company Sinopec Group. Sinopec Limited is listed in Hong Kong and also trades in Shanghai and New York ....
, giving the Chinese company a 51% stake in the field's development. As part of the deal, China agreed to buy 10 million metric tons of liquified natural gas (LNG) from Iran per annum for 25 years.
On December 2007, NIOC and Sinopec signed the final agreement for development of Yadavaran oil field. Based on the contract field will reach to the 180000 oilbbl/d of production capacity. Sinopec will be operator with a 51% stake in the project and NIOC holding the remaining interest. Total project cost at around US$2 billion.
The field will be developed under an enhanced Iranian buyback contract. The most significant revision in terms from earlier versions is that the partners will only agree the target capital cost of the development following receipt of construction tender submissions. This should reduce the contractors’ exposure to value erosion through cost inflation.
See also
- AzadeganAzadeganThe Azadegan oil field is an oil field in Iran. The field is located west of Ahvaz close to the Iraqi border.-History:The oil field was discovered in 1999. The first exploration well was drilled in the field in 1976, but its discovery was finalized after drilling the second well in 1999...
- NIOC Recent Discoveries
- Iran Natural Gas Reserves
- South Pars
- North ParsNorth ParsNorth Pars Gas Field is one of the biggest independent gas fields of the world. This field which was discovered in 1967 is located some 120 kilometers south east of Bushehr province in water depths of 2 to 30 meters in the Persian Gulf....
- Golshan Gas FieldGolshan Gas FieldThe Golshan gas field is one of the NIOC Recent Discoveries which is located at approximately 180 km south east of Bushehr, 65 km offshore the Persian Gulf...
- Ferdowsi Gas FieldFerdowsi Gas FieldFerdowsi Gas Field is one of the NIOC Recent Discoveries which is located at approximately 190 kilometers southeast of Bushehr, 85 kilometers offshore the Persian Gulf....
- Persian LNGPersian LNGPersian LNG is the LNG project in Iran. It has been defined based on the huge reserves of the South Pars gas field. Royal Dutch Shell and Repsol had been originally awarded phases 13 and 14 but were left out of the project by Iran due to their repeated delays.-Technical description:Persian LNG...