Azerbaijan, Baku, Apr. 30/ Trend F.Milad/
Once the development of Forouzan oilfield which is shared with Saudi Arabia is completed, the field will yield some $10 million per day, said an official with the Iranian Offshore Engineering and Construction Company.
Hossein Badavi added that the field's daily output currently stands at 40,000 barrels which will be increased to 100,000 bpd once the development plan is completed, the ISNA News Agency reported.
Iran plans to increase production at the Forouzan oilfield by 40 per cent by the end of the next calendar year (March 20, 2013), the Iran Offshore Oil Company (IOOC) managing director said.
"Some 100 kilometres of seabed pipeline has been laid and a related platform will be installed in the middle of next year," Mahmoud Zirakchianzadeh added. The Forouzan development plan is aimed at extracting 300 million barrels of oil in a 25-year period.
Iran has attached priority to boosting gas production capacity from its joint oilfields with Qatar and Saudi Arabia, oil minister Rostam Qasemi said.
Iran sits on the world's second largest natural gas reserves after Russia and is trying to grow its gas production by increasing foreign and domestic investments, especially in its South Pars gas field.
The field is shared by Iran and Qatar. The Iranian share, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight per cent of the total world reserves and more than 18 billion barrels of liquefied natural gas resources.