NIOC makes billion barrel oil find - Iran
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Oil Minister Gholam Hossein Nozari has revealed a new oil field discovery in the hydrocarbon-rich province of Khuzestan containing in-place reserves of 1.1 billion barrels of sweet crude oil, of which 233 MMb was recoverable. The IHS Middle East team believes the well is Balarood 1 drilled by the National Iranian Oil Company (NIOC) to a total depth of 3,735m. Initial indications were that the Oligo-Miocene, Asmari Formation drilled during December 2007 was hydrocarbon bearing, and the Asmari section had been encountered a second time due to faulting. The Balarood 1 well had been spudded at a location north-east of Andimeshk in mid-October 2007; it had a planned total depth of 4,440m. The primary objective is the Asmari Formation, with secondary objectives within the Cretaceous, Bangestan Group and deeper Khami Group.
This article is extracted from International Oil Letter, Vol 24 issue 29 dated 21st July 2008.
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