55% Progress in S. Pars FPSO Unit

55% Progress in S. Pars FPSO Unit55% Progress in S. Pars FPSO Unit

The construction of the Floating Production, Storage and Offloading unit in South Pars has made 55% progress, which will enter Iranian waters in seven months, managing director of Petroiran Development Company (PEDCO) announced on Wednesday.

“Accelerating the procedure of construction, installation, operation and connection of FPSO to the wellhead platform is the main part of completing the development plan of South Pars’s oil layer,” Roham Qasemi was quoted as saying by Shana.

An FPSO unit is a floating vessel used by the offshore oil and gas industry for the production and processing of hydrocarbons and for the storage of oil.

An FPSO vessel is designed to receive hydrocarbons produced by itself or from nearby platforms or subsea template, process them and store oil until it can be offloaded onto a tanker or, less frequently, transported through a pipeline.

The under-construction FPSO can exploit and store 700,000 barrels of oil.

Established in1997, PEDCO is an oil and gas company based in Tehran, Iran. It is a subsidiary of Naftiran Intertrade, a part of National Iranian Oil Company, and is responsible for developing upstream oil projects.

Referring to the installation of the oil platform of South Pars in the last Iranian year (ended March 19), Qasemi said that following the drilling operations, the company conducted studies that indicate doubled early production estimates.

“South Pars’s oil layer will start producing 30,000 barrels of oil per day in the current year,” he claimed.

According to Abdolmajid Delparish, director for consolidated planning at NIOC, preliminary projections show the oil layer can produce up to 70,000 barrels of oil a day upon the completion of its second phase.

Iran is an energy superpower, holding roughly 10% of oil reserves and 17% of gas reserves in the world.