Head of Technology and Research at Iranian Offshore Oil Company (IOOC) Javad Rostami said IOOC has placed studying over this field on agenda adding “years ago, studies carried out by an Indian company revealed that the development of the field has no economic justification.”
Rostami emphasized that for the second time the project to examine economic justification and feasibility of Binaloud oilfield has been handed over to a Canadian company; “currently, we are looking forward to receiving the final report by the company,” he asserted.
The official underlined that the ongoing studies will take into account the need for advanced technologies for the development of offshore fields stressing “Binaloud’s oil is of heavy type and we expect the results of the study to be fruitful.”
Binaloud oilfield marks one of the largest hydrocarbon fields in the Persian Gulf and its exploration dates back to the year 2002.
