Iran triples production at Cheshmeh Khosh oilfield

Business Materials 1 September 2012 14:36

Azerbaijan, Baku, Sep.1/ Trend F.Milad/

Iran has increased oil production at Cheshmeh Khosh oilfield, located in western part of the country, to 180,000 barrels per day from 55,000 bpd, the managing director of the National Iranian Central Oil Company said, Mehr reported.

The Mehr news agency quoted Mehdi Fakour as saying that €62 million has been invested in the development of the Cheshmeh Khosh oilfield.

A special petrochemical unit will be built in the vicinity of the oilfield with the goal of processing associated gas, he noted.

The National Iranian Oil Company's managing director Ahmad Qalebani has said that the country's daily oil and gas outputs should amount to five million barrels and 1.47 billion cubic meters by 2015.

Oil Minister Rostam Qasemi said in August 2011 that the Iranian government should consider plans for the development of joint oilfields.

The government should increase the budgets for the development of joint oilfields, Qasemi added.

"The oil industry's infrastructure needs more than 500 trillion rials (about $41 billion) of investment to achieve objectives of the 20-Year Outlook Plan," Qasemi was quoted as saying."