Azerbaijan, Baku, Aug.3/ Trend R.Zamanov
Iran's share of oil production from the joint Yadavaran field will reach 50,000 barrel per day by December, the managing director of Yadavaran oilfield's development plan said on Saturday.
"The oilfield's current production stands at 25,000 barrels per day," the IRNA News Agency quoted Hadi Nazarpour as saying.
"The first phase of the oilfield will completely come on stream by next month," he said, adding that the first phase of the project is currently 85 percent complete.
Yadavaran oil field is located in the southwestern Khuzestan Province bordering Iraq.
The development project of the oil field is expected to be implemented in three phases. Upon the completion of all phases, some 300,000 barrels of oil are expected to be pumped out on a daily basis.
Iran holds the world's third-largest proven oil reserves and the second-largest natural gas reserves.
The country's total in-place oil reserves have been estimated at more than 560 billion barrels, with about 140 billion barrels of extractable oil.
Moreover, heavy and extra heavy varieties of crude oil account for roughly 70-100 billion barrels of the total reserves.
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