Close to 1.5 billion barrels of oil has been extracted so far from Masjed Soleyman oilfield in Khuzestan Province, managing director of Masjed Soleyman Oil and Gas Production Company (MSOGPC) said, IRNA reported on Wednesday.
Ebrahim Piramun said the field has an estimated reserve of 7 billion barrels, 20 percent of which has been extracted so far. However, he ruled out the extraction of Masjed Soleyman’s total reserves and said measures had been taken to increase extraction in a phased out manner.
Chinese companies are slated to invest $260 million in Masjed Soleyman gas field over the next three years, according to the official. The National Iranian Oil Company (NIOC) is negotiating with a Chinese company to renovate production units which were set up by the Chinese, he noted.
Regarding associated petroleum gas (APG) that goes to waste in the field, he said, “Approximately 50 percent, or nearly 2.2 million cubic meters of MSOGPC output is burned every day.” However, plans call for partial recovery of APG in Masjed Soleyman by building dry and liquefied petroleum gas (LPG) production units in the region.
APG is a form of natural gas which is found with deposits of petroleum. It is often released as a waste product from the petroleum extraction industry. When it is burnt off in gas flares, it is referred to as flare gas.
The first oil wells in the Middle East were discovered and drilled in 1908 in Masjed Soleyman County, north of Khuzestan Province. The oilfield came into operation three years later when its output was piped down to a newly built refinery at Abadan City in Khuzestan.
MSOGPC - a subsidiary of the National Iranian South Oilfields Company (NISOC) – operates in several oil and gas fields in Khuzestan Province, such as Karun, Palangan and Lab Sefid. Its overall output is estimated at 150,000 barrels per day.
