TEHRAN, Iran, Feb.15
Trend:
Iran intends to increase the volume of production at West Karoun oil fields to 1 million barrels per day, Iranian Oil Minister Bijan Namdar Zanganeh said.
“The production at West Karun oil fields has more than quadrupled since 2016. The major part of the work on development of these fields was carried out with the resources of the National Development Fund,” said the minister, Trend reports citing IRNA.
In January 2020, the managing director of Iran’s Petroleum Engineering and Development Company (PEDEC) Touraj Dehqani said that production of oil from West Karoun oil fields has reached 350,000 barrels per day (bpd) in the current Iranian calendar year (ends on March 20).
West Karoun oilfields, which Iran shares with Iraq at the western part of Iran’s southwestern region of Karoun include five major fields, namely North Azadegan, South Azadegan, North Yaran, South Yaran and Yadavaran.
West Karoun holds great importance for the country’s oil industry, since according to the latest studies, its in-situ deposit is estimated to be 67 billion barrels containing both light and heavy crude oils, and therefore it could have a big impact on Iran’s oil output increases in the future.
With the fields fully operational, their output could add 1.2 million barrels per day to the country’s oil production capacity.
Further, Zanganeh announced that the low sulfur heating oil will soon be offered via Iranian Energy Exchange.
“The price of this heating oil is now 30 percent higher than gasoline and would be a good opportunity to invest,” he said.