Iran outpaces Oman in tapping joint oilfield
Azerbaijan, Baku, Oct.6/ Trend F.Milad/
Iran extracts as much as 24,000 barrels of crude oil from Hengam oilfield, which is shared with Oman in the Persian Gulf, some three times of the Omani side, Mehr News Agency reported.
Iran has prepared plans to increase output at the Hengam oilfield up to 30,000 bpd in the current calendar year, which ends on March 20, 2013.
Iran's Deputy Oil Minister Mohsen Khojasteh-Mehr said some $450 million has been invested in the first phase of developing the Hengam oilfield, which is estimated to hold around 700 million barrels in-situ oil and 666 billion cubic meters of natural gas.
The official stated that Iran's natural gas production from the shared natural gas fields will increase 3.5 times while its oil output from the shared oil fields will rise 4-5 times during that period.
Iran shares oil and gas fields with most of its neighbors, including Iraq, Kuwait, Qatar as well as Oman and Turkmenistan.
Iranian energy officials said in July 2011 that as much as 35 percent of the country's energy development budget would go towards the development of the shared oil fields.