Iran to raise oil production by 175,000 bpd

Oil&Gas Materials 26 August 2012 14:47

Azerbaijan, Baku, Aug.26/ Trend F.Milad/

Iran's oil production will be increased by 175,000 barrels per day (bpd) by August next year, the Mehr News Agency cited a report by the National Iranian Oil Company.

Eleven development plans will be inaugurated by the mentioned date, raising the national oil production by 175,000 bpd, according to the report.

The plans are related to the first phase of developing Yadavaran, Sarvestan, Saadat Abad, Hengam, Forouzan, Reshadat, Aban, and Paydar oilfields.

Once all phases of the development plans are implemented, the output will be increased by 500,000 bpd.

Oil Minister Rostam Qasemi has said that production at two joint oilfields will be started within the next two months.

The ISNA News Agency quoted him as saying that all the joint oil and gas fields are already in operation except for the two fields.

He did not name the two fields, but said that they are projected to produce one million barrels of oil.

Iran is boosting its oil output by launching production operations in new oil fields and recovering production in other fields, according to officials.

In situ and recoverable oil reserves of the field are estimated respectively 475 and 70 million barrels.