Output from the joint Hengam Oilfield, straddling the marine border of Iran and Oman, is of a superior quality compared to that of other fields in the Persian Gulf and even in the world, Qeshm Free Zone's managing director at the Iranian Offshore Oil Company said on Saturday.
“Surprisingly, crude extracted from one of the newly drilled wells in the oilfield is 'whitish or greenish' unlike the oil produced from other fields, which is coal black,” Heidar Yarveisi was quoted as saying by Mehr News Agency.
According to the official, there are six types of oil in Iran's crude export basket whose API ranges from 18 to 36.5
The American Petroleum Institute gravity, aka API, is a measure of how heavy or light a petroleum liquid is compared to water. If oil's API is greater than 10, it is lighter and floats on water; if it is less than 10, it is heavier and sinks. API is thus an inverse measure of a petroleum liquid's density relative to that of water.
Underscoring the high quality of the joint oilfield's crude, the official said, “Hengam's crude API stands at 51, which explains why the field produces the lightest crude not only in the region but also in the world. Moreover, it contains the least amount of impurities such as sulfur and water.”
Oil production from the joint field with Oman, located 70 kilometers off Iran’s shore in the Persian Gulf waters in the Strait of Hormuz, started in 2010, and IOOC has managed to extract more than 35 million barrels from the field.
"The extracted crude is transferred to Qeshm refining complex through a 30-kilometer subsea pipeline," he said, noting that after it is processed, the oil is delivered to Bandar Abbas refinery via a 75-km pipeline.
Referring to the quality diesel and gasoline produced from the Hengam crude, Yarveisi said the field's extractable oil and gas reserves are estimated at 219 million barrels and 822 million cubic meters respectively.
Asked about Qeshm oil installation capacity, Yarveisi noted that it can refine 45,000 barrels per day and plans have been made to expand the capacity of the complex so that it can process up to 6 mcm of natural gas.
"Drilling new wells in Hengam Oilfield can help Iran regain its lost market share faster by exporting super quality ultra-light oil. Needless to say, low oil production cost in Iran compared to other oil-rich regions is an added advantage," he said.
According to Saeed Hafezi, Iranian Offshore Oil Company's managing director, negotiations are underway with Oman to develop the joint Hengam Oilfield.
The official believes cooperation with the neighboring country will lead to a remarkable increase in oil and gas extraction from the hydrocarbon reserves.
Mohammad Hossein Daneshfar, a senior official at IOOC, said plans have been made to develop the oil and gas fields of Qeshm Island and turn it into an energy hub within 10 years, in addition to the Hengam Oilfield.
Qeshm has the enviable position of being the country’s closest gas center to the Sea of Oman and the Indian Ocean.
