Azerbaijan, Baku, Aug.30 / Trend F.Karimov/
Iran has finalized a plan for the development of Tossan oilfield, with about 507 million barrels of in-situ reserve in the Persian Gulf, ISNA reported.
The oilfield is projected to yield 25,000 barrels per day of crude oil.
The field is planned to produce 7,000-10,000 bpd in the first phase.
The development plan's deal has been signed with Khatam-ol-Osia construction headquarters. The deal is valued at $450 million. Duration of the project is 36 months.
In May, Fars News Agency quoted National Iranian Offshore Oilfields Company managing director Mahmoud Zirakchianzadeh as saying that Iran will sign deals to develop three oilfields, namely Tossan, Esfandyar, and Soroush, which are located in the Persian Gulf, in the current Iranian calendar year, which started on March 21.
Meanwhile, a senior director at the National Iranian Oil Company (NIOC) said the country Iran can raise its oil production by at least one million barrels a day within three months, FARS reported on Wednesday.
"Iran can urgently increase its daily crude oil production by at least 1 mb/d in less than three months by applying enhanced recovery methods," Mohammad-Ali Emadi told Shana.
Emadi, who is director of research and technology at NIOC, added that the average recovery rate of oil reservoirs in Iran stands at 25 percent.
"Iran has huge oil fields through which it can raise its output in the short- and long-term, but it seems that it will be more profitable to increase production from the shared fields and the fields whose production costs lower," he said.
"In order to increase oil production from the fields, the cost of each barrel must be calculated before the best decision could be made," he added.
Emadi said new enhanced recovery methods like CO2 injection are under study in Iran.