Project Profile
Value: US$500 million (estimate)
Location: Persian Gulf, 95 km SW of Kharg Island and 40 km from the Abuzar Field
Reserves: 480 million barrels OIP
Water Depth: 45.7 metres
Exploration start-up: 1966
Production start-up: 2017/18
In September 2015, the Iranian Offshore Oil Co. (IOOC) signed a preliminary agreement with a Norwegian-Austrian company for the development of the offshore Efandiar field. Esfandiar is an extension of the Lulu field shared with Saudi Arabia.
IOOC then awarded the project to Malaysia’s Petronas. The Qatar National Bank was expected to finance its development but the agreement was cancelled after QNB reneged on the deal.
Operators:
Iranian Offshore Oil Company
EnergyOne