Azerbaijan, Baku, Dec. 15/ Trend G.Mehdi/
Iran will complete the development of Forouzan oilfield, which is shared with Saudi Arabia, by the end of next spring (June 20, 2013), ISNA quoted Saeed Hafezi the managing director of PetroIran Company as saying.
The development plan has progressed by 76 percent, he said, adding that Iran's exploitation from the field will reach one fourth of Saudi Arabia's once the oilfield's development plan is completed.
In November, ISNA quoted Mohammad-Baqer Soleimani an official with the Iranian Offshore Oil Company (IOOC) as saying that Iran plans to increase output at the Forouzan oilfield by the end of the current Iranian calendar year.
He added that once the development of the oilfield is completed, the field will yield some $10 million per day.
The field's daily output stands at 40,000 barrels at present, which will be increased to 100,000 bpd once the development plan is completed.
IOOC managing director Mahmoud Zirakchianzadeh has said that the development plan is aimed at extracting 300 million barrels of oil in a 25-year period.
Iran has attached the priority on boosting gas production capacity from its joint oilfields with Qatar and Saudi Arabia, Oil Minster Rostam Qasemi said.
Iran sits on the world's second largest natural gas reserves after Russia and is trying to grow its gas production by increasing foreign and domestic investments, especially in its South Pars gas field.
The field is shared by Iran and Qatar. The Iranian share, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of the total world reserves, and more than 18 billion barrels of liquefied natural gas resources.
...