...

Iran bears $2.7 billion of loss in Yadavaran oil field

Oil&Gas Materials 8 July 2014 15:14 (UTC +04:00)

Tehran, Iran, Jul. 8

By Milad Fashtami - Trend:

The first phase of Iran's Yadavaran oil field is expected to come on stream in December. It is expected to produce 85,000 barrels of oil per day.

Even if the projects come on stream in the mentioned date, the Chinese contractor has finished the first phase with a 17-months delay, Iran's ISNA News Agency reported.

Such a long delay inflicts $2.7 billion worth of loss to Iran.

China National Petroleum Corporation (CNPC) has been awarded with developing North Pars oil field, Yadavaran joint oil field, North and South Azadegan fields, and the phase 11 of the South Pars gas field.

Due to its repeated delays, the company has been expelled from the South Pars and the North Pars projects, and they are on the verge of being expelled from the South Azadegan project.

Yadavaran oil field is located in the southwestern Khuzestan Province bordering Iraq. The development project of the oil field is expected to be implemented in three phases. Upon the completion of all phases, some 300,000 barrels of oil are expected to be pumped out on a daily basis.

Iran holds the world's third-largest proven oil reserves and the second-largest natural gas reserves.

The country's total in-place oil reserves have been estimated at more than 560 billion barrels, with about 140 billion barrels of extractable oil.

Moreover, heavy and extra heavy varieties of crude oil account for roughly 70-100 billion barrels of the total reserves.

Tags:
Latest

Latest