Azerbaijan , Baku, March 7 / Trend, A.Yusifzade /
The first phase of developing the project of the Iranian oldest oil field Masjid Soleiman will be operational by next spring; PANA reported quoting Iran's Petroleum Engineering and Development Company Managing director Naji Sa'douni as saying.
Sa'douni said that the output of the Masjid Soleiman oil field will be increased with cooperation of China National Petroleum Corporation (CNPC).
"By developing this oil field, Iran's capacity for oil production will increase by 25,000 barrels per day," Sa'douni said.
According to the report, some 17 new wells should be drilled for implementing the project.
Managing Director of the National Iranian South Oil Company (NISOC) Gholamreza Hassan-Beiglou said that at present about 5,000 barrels of crude oil are being produced from Masjid Soleiman oil field.
During a period of over 102 years when oil was produced from the field, more than 1.1 billion barrels of oil have been produced from Masjid Soleiman oil field. Based on studies carried out by National Iranian Oil Company (NIOC), a total of 5 billion barrels of oil can be produced from this field. The development project of the oil field started in summer of 2007. It was expected to be completed in late February, 2011.
Earlier Iranian deputy minister of petroleum for planning and supervision on hydrocarbon resources, Mohsen Khojastemehr, said that 2,400 oil wells will be drilled over the Fifth Five Year Development Plan lasting by 2016.
Khojastemehr also said that about $150 billion would be invested in the upstream sector over the Fifth Five Year Development Plan, of which $40 billion would be allocated for well drilling.
NIDC, as a subsidiary of NIOC in the upstream sector is in charge of 90 percent of drilling of oil and gas wells all over the county. The company was established in 1979.
Iran is OPEC 's second-largest oil producer . It ranks second in terms of natural gas reserves after Russia in the world.