Hengam Gas Processing to Help Earn $300m Annually

Implementing the processing facilities of Hengam oil and gas field on Qeshm Island in the Persian Gulf will help earn $300 million annually, the managing director of Iranian Offshore Oil Company said.
"The project is set to prevent the flaring of some 80 million cubic feet [2.27 million cubic meters] of associated petroleum gas, which would generate $700,000 per day in revenue," Hamid Bovard was also quoted as saying by Shana on Thursday.
The plant was officially inaugurated by President Hassan Rouhani via a video conference on Wednesday. It is equipped with gas sweetening and dehydration facilities that process the sour gas produced at Hengam Oilfield.
Straddling the Iran-Oman border, Hengam Oilfield is located 70 km off Iran’s shore in the Persian Gulf waters in Hormuz Strait. In-place oil and gas reserves of the field are estimated at 700 million barrels and 57 billion cubic meters respectively.
The IOOC chief noted that some €70 million [$87 million] have been spent to launch the gas processing facilities in the field, which investment will return in less than a year.