Over $21 billion of capex to be spent on Iran’s oil projects by 2021, says GlobalData

Over $21 billion of capex to be spent on Iran’s oil projects by 2021, says GlobalData...
worldoil.com 07/04/2018 Economy

Keywords:#25.5, #Iran, #Worldoil.com

LONDON -- Analysis of crude oil production in Iran shows that approximately $21 billion in capital expenditure (capex) will be spent by Iran on oil projects between 2018 and 2021, to ensure that production grows to around 4.9 MMbpd in 2021, according to GlobalData, a leading data and analytics company.
The region will have 66 fields producing liquid hydrocarbons by 2021, of which 38 are conventional and nine are heavy oil fields, while 19 are gas fields producing condensate.
Iran is expected to spend $13.1 billion as capex on conventional oil and $7.9 billion on heavy oil projects during 2018 to 2021, with spending peaking in 2019 at $5.7 billion. Average full-cycle capex per barrel of oil equivalent for Iran’s oil projects is $3.6. Onshore projects have an average full-cycle capex of $3.0/boe, while shallow-water projects have an average of $5.3/boe in full-cycle capex.
The average development break-even price for oil projects in Iran is about $27.6/bbl. Shallow water projects require an oil price of $35.4/bbl to break even, while the onshore projects have a development break-even oil price of $25.5/bbl.
---Analysis of crude oil production in Iran shows that approximately $21 billion in capital expenditure (capex) will be spent by Iran on oil projects between 2018 and 2021, to ensure that production grows to around 4.9 MMbpd in 2021, according to GlobalData, a leading data and analytics company. ---
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