Output at Iran’s Yadaravaran oilfield to hit 50,000 bpd in February

Business Materials 2 December 2013 10:19 (UTC +04:00)

Baku, Azerbaijan, Dec. 2
By Rahim Zamanov - Trend:

Iran will nearly double the output at its Yadavaran oil field, which is associated with Iraq, to 50,000 barrels per day (bpd) in the calendar month of Bahman (January 23 - February 22).

The oil field is currently producing some 26,000 bpd of crude oil, the IRNA News Agency reported.

Early production at the oil field started in February 2012. Some 12 million barrels of oil has been produced in Yadavaran so far.

The first phase of the oilfield's development plan is complete by 86 percent. The phase is projected to produce around 85,000 barrels of oil per day.

It was announced on September 22 that Iran has completed the drilling operation of 23 wells in the Yadavaran oil field.

"The drilling operation of the mentioned wells started in the winter of the Iranian calendar year 1389 (2011)," the IRIB News Agency reported.

A total number of 55 wells will be drilled in the first phase of the oil field's development plan.

The oil field's output is projected to reach 300,000 bpd in three phases.

Yadavaran oil field is estimated to hold around 12 billion barrels of in-situ crude oil, some 12.5 trillion cubic feet of associated gases, as well as nearly 1.9 billion barrels of condensates.

Iran and the Chinese Sinopec signed a buyback contract in 2007 on the development of the Yadavaran oilfield.

Iran shares oil and gas fields with most of its neighbors, including Iraq, Kuwait, Qatar, as well as Oman and Turkmenistan.

according to studies, there are around 23 joint hydrocarbon fields between Iran and Iraq which are divided into exploration, development and production categories.

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.