Azerbaijan , Baku, Feb. 25 / Trend, A.Yusifzade /
Iranian Offshore Oil Company (IOOC) Managing Director Mahmoud Zirakchianzadeh said executive operations for the development of Arash Oil Field have started, National Iranian Oil Company reported.
According to executive operations for building jacket and offshore and onshore installations of Arash field have started by local contractors. "Executive operations for development of this field will start in March 2011. Currently, the Master Development Plan (MDP) for Arash Oil Field has been prepared. Production of oil and natural gas from this field is forecasted to start by 2012," he said.
Located in northwest of the Persian Gulf, Arash Field holds both oil and gas reserves, and is jointly shared by Iran, Kuwait and Saudi Arabia. The countries have always disputed over mode of exploiting the gas reserves of this field since 1960s. At present, National Iranian Oil Company (NIOC) is dealing with implementation of 3D seismic studies and developing the field.
On July 26, the European Union imposed new sanctions on Iran, which mainly target investment in and technical assistance to Iran's refining, liquefaction, and liquefied natural gas sectors.
The EU sanctions followed UN and US sanctions on Iran over its nuclear program.