Azerbaijan , Baku, April 12 /Trend, A.Yusifzade /
Yadavaran oilfield production capacity will reach 20,000 barrels per day (bpd) in October 2011, Shana reported quoting the Managing Director of the Petroleum Engineering and Development Company (PEDEC) Naji Sadouni as saying.
According to Sadouni, Chinese oil firm Sinopec is currently engaged in the Yadavaran oilfield which is adjacent to Azadegan oilfield.
The field's output is projected to hit 85,000 barrels per day in the first phase and to reach the ceiling of 180,000 bpd in the second and 300 bpd finally, Sadouni added.
China's biggest refiner, Sinopec, and Iran signed a $2 billion agreement on developing the Yadavaran oil field in 2007.
The Yadavaran deal calls for the Chinese company to invest in developing the oilfield in two phases, with the first phase to produce 85,000 bpd and the second phase to produce an additional 100,000 bpd.
The agreement completed a 2004 memorandum of understanding for the state-owned Sinopec Group to help develop the huge oilfield. Sinopec Group, the state-owned parent of Sinopec Corporation agreed in October 2004 to take the lead in developing the Iranian oilfield and to buy 10 million metric tons of liquefied natural gas every year for 25 years in a deal worth as much as $100 billion.
Yadavaran oilfield is one of the largest untapped fields in the world and is expected to have a potential output of 300,000 to 400,000 bpd of crude oil. According to Iranian estimates it has 3.2 billion barrels of recoverable reserves, with recoverable gas reserves estimated at 2.7 trillion cubic feet or 80 billion cubic meters.