Azerbaijan, Baku, Aug.18 / Trend F.Milad /
Iranian Offshore Engineering and Construction Company inked a $135-million deal with National Iranian Oil Company to develop Arvand oilfield, southwest of the country.
NIOC head Ahmad Qalehbani told the IRNA news agency that the oilfield is estimated to hold 500 million-1 billion barrels of in-situ crude.
The oilfield is projected to produce 5,000 barrels of crude per day in the first phase, and the figure will be increased to 20,000 barrels in the next phases. The oilfield will be developed within 18 months.
Iran is boosting its oil output by launching production operations in new oil fields and recovering production in other fields, officials said.
In situ and recoverable oil reserves of the field are estimated respectively 475 and 70 million barrels.