21 May 2011
Managing director of National Iranian Oil Company (NIOC) has announced the discovery of some 758 million barrels of light crude with a gravity of 35 degrees API in Khayyam oilfield.
"The volume of in-place reserves of the field is 758 million barrels, 22 percent of which, an equivalent of 170 million barrels, is exploitable," said Ahmad Qale'bani, Shana reported.
Since the field is to produce some 35,000 barrels of oil with 35 degrees API, calculated on the basis of $80 per barrel, exploitable crude oil from the field will be valued at $13.6 billion, the official added.
The American Petroleum Institute gravity index, or API gravity, is a measure of how heavy or light petroleum liquid is compared to water. If its API gravity is greater than 10, it is lighter and floats on water; if less than 10, it is heavier and sinks.
The quality of crude oil is determined in accordance with API degree. Oil with API gravity between 40 and 45 commands the highest prices.
Khayyam gas field with in-place reserves of 277 billion cubic meters of natural gas was discovered in the southeastern port city of Asalouyeh in Bushehr province in January.
The newly discovered Khayyam field in eastern Asalouyeh is located on land near the Persian Gulf and 30 kilometers (18.64 miles) west of Bandar-e-Moqam in Bushehr province.
Between August 2009 to August 2010, Iran also discovered 13 new oil and gas fields with in-place reserves of 14 billion barrels of oil and 45 trillion cubic feet of natural gas.
Only between March and December of 2010, Iran discovered seven gas fields and more fields are expected to be found in the current Iranian year which began on March 21.
Iranian oil officials earlier announced that the country's hydrocarbon capacities are also expected to grow due to the use of modern techniques in oil and gas explorations.
In 2009, Iran's crude production stood approximately at 3.8 million barrels per day.
Managing director of National Iranian Oil Company (NIOC) has announced the discovery of some 758 million barrels of light crude with a gravity of 35 degrees API in Khayyam oilfield.
"The volume of in-place reserves of the field is 758 million barrels, 22 percent of which, an equivalent of 170 million barrels, is exploitable," said Ahmad Qale'bani, Shana reported.
Since the field is to produce some 35,000 barrels of oil with 35 degrees API, calculated on the basis of $80 per barrel, exploitable crude oil from the field will be valued at $13.6 billion, the official added.
The American Petroleum Institute gravity index, or API gravity, is a measure of how heavy or light petroleum liquid is compared to water. If its API gravity is greater than 10, it is lighter and floats on water; if less than 10, it is heavier and sinks.
The quality of crude oil is determined in accordance with API degree. Oil with API gravity between 40 and 45 commands the highest prices.
Khayyam gas field with in-place reserves of 277 billion cubic meters of natural gas was discovered in the southeastern port city of Asalouyeh in Bushehr province in January.
The newly discovered Khayyam field in eastern Asalouyeh is located on land near the Persian Gulf and 30 kilometers (18.64 miles) west of Bandar-e-Moqam in Bushehr province.
Between August 2009 to August 2010, Iran also discovered 13 new oil and gas fields with in-place reserves of 14 billion barrels of oil and 45 trillion cubic feet of natural gas.
Only between March and December of 2010, Iran discovered seven gas fields and more fields are expected to be found in the current Iranian year which began on March 21.
Iranian oil officials earlier announced that the country's hydrocarbon capacities are also expected to grow due to the use of modern techniques in oil and gas explorations.
In 2009, Iran's crude production stood approximately at 3.8 million barrels per day.
© Iran Daily 2011
