Iran to boost output at joint oilfield with Saudi Arabia

Business Materials 4 May 2012 13:04 (UTC +04:00)

Azerbaijan, Baku, May 04/ Trend F.Milad/

Iran will increased crude oil output at the Forouzan oilfield which is shared with Saudi Arabia in the Persian Gulf, in the next eight months, the managing director of Iran Offshore Oil Company (IOOC) stated.

Mahmoud Zirakchianzadeh told the ISNA News Agency that the output will rise by 10,000 barrels per day.

The operation has begun by installing the first jacket related to the development of the Forouzan oilfield in the Persian Gulf on Sunday.

The main goal of the Forouzan oil field development project is to extract more than 300 million barrels of crude oil in the next 25 years.

The field will also yield about 250 million cubic feet per day of natural gas which will be transferred to Kharg Island via an undersea pipeline.

The Forouzan oilfield is estimated to hold some 2.3 billion barrels of in place reserves of crude. The field is known as Marjan in Saudi Arabia.

Iran shares oil and gas fields with most of its neighbors in the Persian Gulf region as well as with Turkmenistan in the Caspian Sea.

Energy officials in Tehran said in July 2011 that as much as 35 per cent of the country's energy development budget will go towards the development of joint oil and gas fields.