Iran Looks to Offshore Drilling, By Dr. Shahram Shirkhani

Iranian oil officials are exploring the country’s vast reserves of natural gas with new developments at the massive South Pars gas field. The country’s estimated natural gas supply is second only to the Russian Federation’s, and experts believe that the Iranian field contains about 25.7 trillion cubic feet, or 8 percent, of the world’s natural gas reserves.

Iran’s leaders are working with domestic and international investors to implement offshore drilling projects to access the natural gas, and drills began operating at exploratory wells in the Persian Gulf south of Iran in the summer of 2012. Wells eventually will be established at the Gorzin, Hamoun, Kangan, Lavan, Resalat, Reshadat, and Salman sites. Researchers believe that this oil layer could produce 20 million cubic feet of natural gas daily.

The new projects should begin producing natural gas in early 2013. Farhad Izadjou, operator of the development, has said investment in the project could reach into the billions of dollars.

About Dr. Shahram Shirkhani: Instrumental in securing financing for the development of Iran’s oil fields, Dr. Shirkhani acts as a founding partner of the international law firm Shirkhani & Alavi.