BAKU, Azerbaijan, Feb. 17
By Elnur Baghishov - Trend:
The project of mantaining and increasing oil production at Foroozan oil field, which is a joint field of Iran and Saudi Arabia (this field is called Marjan in Saudi Arabia), has been handed over to Iran's Petropars Company, Hamidrza Masoudi, executive director of Petropars company, said.
“This oil field is located on the territory of the Iranian Offshore Oil Company and Petropars will carry out the work on the field within the corresponding contract,” Masoudi added, Trend reports referring to the Iranian Shana agency.
“Twelve new wells will be drilled, 11 wells will be repaired and three reentry wells will be drilled within the field development project,” Masoudi added. "Moreover, three 27-km-long pipelines will be laid and two new platforms will be built and installed. The project is worth around 290 million euros.”
Foroozan oil field is located in the Persian Gulf, 100 km south-east of the Kharg Island in Iran’s southern Bushehr province. This oil field was discovered in 1966. The reserves of the field reach 2.3 billion barrels of oil. Presently, Iran extracts 40,000 barrels of crude oil daily from this oil field.