Baku, Azerbaijan, July 26
By Fatih Karimov - Trend:
Iran has extracted 40 million barrels of oil from Yadavaran oilfield, which is associated with Iraq, since April 2014, said Hadi Nazarpour, manager of Yadavaran oilfield development project.
The development of Yadavaran oilfield has been defined in three phases, he said, adding that the oilfield started early production of 20,000 barrels per day in April 2014, Iran's IRNA news agency reported on July 26.
"The first phase of the development plan is complete by 96 percent. Iran is currently producing 55,000 barrels of oil per day from the field. The second phase of the plan will boost the output to 180,000 barrels per day, and the third phase will increase the output to 300,000 barrels per day."
He added that 217,945 meters of drilling has been conducted across the oilfield by April 2014.
New estimates put Yadavaran oilfield's reserve to 34 billion barrels.
Iran has a number of joint fields with Qatar, Saudi Arabia, and Iraq.
Iranian Oil Minister Bijan Namdar Zanganeh has said that the development of joint oil and gas fields is a national task. He said Iran should put priority on the development of joint oil and gas fields.