Azerbaijan, Baku, Feb. 19/ Trend F.Milad/
The Inter Naft Gas Prom Pars Company is set to sign a contract today estimated at around $1 billion with the Iranian Petroleum Engineering and Development Company aiming to develop three heavy crude oilfields in Iran, namely Kooh Mond, Booshgan and Kooh Kaki.
Under the comprehensive development plan, these three oilfields are expected to produce 10,000 to 12,000 barrels of oil per day in the first phase, and about 25,000 barrels per day in the second phase, according to the report, Mehr news agency reported.
Eighteen heavy and extra heavy crude oilfields have so far been explored in Iran. The Ferdowsi oilfield, as the largest extra heavy crude oilfield in the Middle East, will become operational by the end of the Fifth Five-Year Economic Development Plan (2015), the National Iranian Oil Company's director for planning affairs Abdolmohammad Delparish announced in September 2011.
Mr Delparish added that development of onshore heavy crude oilfields such as Kooh-e Mond and Zagheh were also on agenda.
Currently, Iran's in-place oil reserves are estimated at 560 billion barrels, of which 140 billion barrels are recoverable, including 70 billion barrels heavy and extra heavy crudes.
Iran holds the world's third largest proven oil reserves and the second-largest natural gas reserves.