Baku, Azerbaijan, Aug. 3
By Fatih Karimov - Trend: Iran will boost Reshadat oilfield output to 80,000 barrels per day, said Sarab Azad, manager of the oilfield's development plan.
The development plan progressed by 78.2 percent by July 22, he said, adding that five new wells have come on stream at the oilfield, Iran's Shana news agency reported August 3.
"Workover operations on each of the wells will take two weeks. After maintenance operations, the oilfield's output will rise by 5,000 barrels per day," he said.
The development project of Reshadat oilfield has envisaged drilling 29 wells in the field.
The Reshadat oilfield, which was discovered in 1965, is located 110 kilometers southwest of Lavan Island in the Persian Gulf.
Iran, the third-largest producer in the Organization of Petroleum Exporting Countries, produced an average of 2.85 million barrels a day in July compared with 3.6 million at the end of 2011.
Oil Minister Bijan Namdar Zanganeh has said Iran can boost oil production in one week after international sanctions are lifted, and OPEC's refusal to accommodate Iran in export markets would result in lower crude prices.
Production can increase by 500,000 barrels a day within a week after sanctions end and by 1 million barrels a day within a month following that, he added.
Edited by CN