LASMO hopeful for role in Iran projects
LONDON, July 29 (Reuters) - British oil and gas exploration and production
company LASMO Plc said on Thursday it hoped to win a role in at least
one of the two projects it was chasing in Iran .
LASMO and its recent acquisition Monument Oil & Gas Plc are involved
in a number of Iranian project bids, with LASMO having submitted redevelopment
plans for both the onshore Darquain and Ab-Teymur fields.
"Darquain is ahead of Ab-Teymur in the queue and we have been invited
into detailed negotiations.... Ab-Teymur will follow," LASMO chief
executive Joe Darby said in a telephone conference call.
"We're very hopeful that we shall be awarded some position in one
of those projects," Darby added.
Oil in place has been evaluated at between 4.9 billion and 7.1 billion
barrels at Darquain, while the Ahwaz Bangestan reservoirs - of which Ab-Teymur
is one of three fields - has combined recoverable reserves of around 5.9
billion barrels.
Darby said the projects were attractive not only for their size and
low risks, but also for their low costs.
Development and operating costs would amount to less than $1 per barrel.
"The projects are so economically viable that if LASMO is only
able to secure a small proportion of the economic value, it's still worth
a lot to the company," he said.
Finance Director Paul Murray added: "From a portfolio divestment
point of view, we're quite attracted to this sort of investment - good
stable returns in a contract structure".
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