Project Profile
Value: US$500 million
Location: Farsi offshore block, Iran
Reserves: 3.5 billion barrels of oil in place
Start-up Year: 2013
The project will see the exploration drilling of an offshore heavy oil field, in the Farsi block, containing 1 billion barrels of crude. In 2009, onGC Videsh and its partners Indian Oil Corp (IOC) and Oil India Ltd (OIL) had dropped plans to develop the Binaloud oil find in the Farsi offshore block. Binaloud holds about 3.5 billion barrels of oil in place, more than three times ONGC\'s estimate of one billion barrels of heavy crude with 14 degree API gravity.
Operators:
Iranian Offshore Oil Co (IOOC)
onGC (Oil and Natural Gas Corporation)