Iran signs deals to develop three oilfields

Iran Materials 22 May 2012 17:03 (UTC +04:00)

Azerbaijan, Baku, May 22/ Trend F.Milad/

Iran's oil ministry signed deals today to develop three oilfields which are located in the south and southwest of the country, the Fars News Agency reported.

The Tossan oilfield which is located in the Persian Gulf is estimated to hold 400 million barrels of in-situ reserve, of which 25 per cent is recoverable.

The Alfa oilfield is a small field located in the Persian Gulf which has the capacity to produce 7000 to 10,000 barrels per day of crude oil. The third oilfield, named Band Karkheh, is located in the south-western city of Ahwaz. It holds approximately four billion barrels of in-situ reserve.

Oil Minister Rostam Qasemi has said that the country's oil output is projected to be increased by 1.5 million barrels per day (bpd) by the next four years.

He also added that the daily gas output is planned to rise by 1.47 billion cubic meters, the Mehr News Agency reported.

All development plans related to joint oil and gas fields will be finalised by the end of the first half of the current calendar year (September 21), he added.

The Organisation of the Petroleum Exporting Countries (OPEC) said Iran's oil output in April was 3.196 million barrels per day (bpd), dropping 134 mbpd compared to March.