Project Profile
Value: US$142.35 million
Location: Ardabil Province
Area: 3,230 square kilometres.
Croatia\'s INA signed a 5 year deal in 2008 to explore and develop the Moghan 2 Oil Block in Ardabil Province. The company pledged to invest $40.3 million in the effort; the project was valued at US$142 million as of June 2008.
In June 2013, however, NIOC decided to cancel the contract with INA, in favour of conducting fresh geochemical and geological studies alongside RIPI. In 2015, local media cited comments from the governor of Ardabil suggesting IOCs would once again be invited to bid for the Moghan-2 block, including INA.
The exploration block Moghan-2 is located in the northwestern part of Iran, in the Caspian region near the border with Azerbaijan. It is a low-lying or slightly rolling area of 3,230 square kilometres.
Iran\'s fifth five-year development plan (2010-2015) has envisaged boosting the country\'s gas production by 250 million cubic meters per day to reach 1.4 billion cubic meters per day. The country\'s recoverable oil reserves stands at 154.8 billion barrels.
Operators:
INA-INDUSTRIJA NAFTE: Previous operator (contract cancelled)
National Iranian Oil Company (NIOC): Operator in production phase.
Contractors:
RIPI - Geochemical and Geological Studies