BAKU, Azerbaijan, May 17
By Elnur Baghishov – Trend:
The situation on the development of Iran's joint oil fields with other countries will be determined by the signing of two contracts, Deputy Oil Minister and CEO of the National Iranian Oil Company (NIOC) Masoud Karbasian said, Trend reports referring to the company’s website.
He made the remark in an event dedicated to the signing of a contract on the development of the Farzad B gas field today on May 17.
The CEO stressed that so far, eight contracts have been signed on the development of Iran's oil fields with other countries.
The deputy minister added that oil extraction from Iran's joint oil fields has increased 5.7 times since the current Iranian government came to power (August 2013).
Karbasian noted that Iran's gas extraction has also increased 2.5 times since the current Iranian government came to power.
As reported, the Farzad B gas field is one of the joint fields between Iran and Saudi Arabia and is located 20 kilometers from Farsi Island.
On May 17, the National Iranian Oil Company (NIOC) and the Petropars Operation and Management Company (POMC) signed a contract on the development of the Farzad B gas field.
According to the contract, $1.78 billion will be spent in order to extract 28 million cubic meters of sour gas daily.
According to the report of OPEC, Iran extracted about 2.4 million barrels of crude oil daily in April. This is 500,000 barrels more than in the same month last Iranian year.
Reportedly, Iran extracts more than 1 billion cubic meters of gas daily.