Iran okays redevelopment of Masjid-i-Suleiman

The Iranian government approved Sheer Energy Cyprus Ltd. to redevelop Masjid-i-Suleiman oil field under a buy-back contract.Sheer, a unit of Sheer Energy Inc., Calgary, noted MIS field, discovered in 1908, was the first found in the Middle East.Sheer operates the project with 49% interest. Naftgaran Engineering Services Co., Tehran, a subsidiary of the Oil Industry Investment Co. of Iran, has the rest.Sheer will invest $88 million (US) over 4 years for a reservoir simulation study, recompletion of four to six wells, drilling of two vertical wells and eight horizontal wells, and construction of processing and water reinjection facilities. The project would produce an incremental 20,000 b/d...

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