Iran to start developing 2 oil and gas fields

Iran Materials 7 May 2012 14:34 (UTC +04:00)

Azerbaijan, Baku, May 07/ Trend F.Milad/

Developing South Yaran oilfield and the phases 2 and 3 of Kish gas field, located in south of Iran, will be started tomorrow as oil ministry will sign deals with domestic companies.

The South Yaran oilfield holds around 1.1 billion barrels of crude oil. The field is projected to produce 20-25 thousand barrels of oil per day. The Kish gas field is estimated to hold some 50 trillion cubic feet of natural gas.

Managing director of the Petroleum Engineering and Development Company (PEDEC), Naji Saudoni has said that early production from the South Yaran oilfield will be launched in a 20 month period even though contractor will try to start early production in a 12 to 14 month period depending on circumstances.

Oil Minister Rostam Qasemi has said that the National Iranian Oil Company and its subsidiaries should finish drilling wells as soon as possible and to start gas production.

He said bulk of Iran's gas reserves is located in Kish gas field so development and exploitation of the gas field will foster development of the country.

Development plan of the Kish gas field started in 2007. The field holds around 66 trillion cubic feet of in-situ gas and 514 million barrels of condensates.