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National Iranian Oil Company to invest $1.5 bln in Darkhovin oil field

Iran Materials 16 August 2011 13:26 (UTC +04:00)
The National Iranian Oil Company signed a $1.5 billion contract to develop Phase 3 of Darkhovin oilfield with a domestic consortium on Monday.

Azerbaijan, Baku, August 16 /Trend/

The National Iranian Oil Company signed a $1.5 billion contract to develop Phase 3 of Darkhovin oilfield with a domestic consortium on Monday, Naftnews reported.

The contract to develop Phase 3 of Darkhovin oilfield, valued at $1.5 billion, will be assigned to domestic contractors.

The National Iranian Oil Company Managing Director Ahmad Qalebani said earlier that the third phase of the oilfield is expected to produce 71,000 barrels of crude oil per day over a 66-month period from the Ilam, Sarvak, and Fahlian oil layers.

The first two phases of the project are now operational, and the oilfield is currently producing 160,000 barrels of oil per day, he stated. According to National Iranian Oil Company plans, Darkhovin oilfield production capacity will increase by 240,000 barrels of oil per day in the next five years.

The Darkhovin oilfield reserve is estimated at above 5 billion barrels, with production capacity of 1.3 billion barrels of crude oil.

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