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Iran to intensify work on perspective oil and gas fields

Iran Materials 21 August 2012 10:50
Iran has annonced it would intensify work on several of country's oil and gas fields, IRIB news reported.
Iran to intensify work on perspective oil and gas fields

Azerbaijan, Baku, Aug.21 /Trend S. Isayev, T.Jafarov/

Iran has annonced it would intensify work on several of country's oil and gas fields, IRIB news reported.

"Arvandan" oil and gas company's general director Salbali Karimi said until September 2012 a development contract on Karun West oil field will be signed, and a month later preparatory works on extraction would begin on those fields.

Aside from Karun West, other oil and gas fields such as Sepehr, Sohrab, Jafir and Susangend will start production within next month.

Salbali Karimi said that production on Yadavaran and Jafir fields would be increased by installing more oil rigs there.

Speaking of Arvand oilfield, Karimi said its recoverable resources are estimated at 150 million barrels, adding that counting by $100 per barrel would make the cost of this oilfield reach $10 billion.

He said proper investments needed for this field, in particular some $135 million, adding that it is possible for Iran to be developing this oilfield jointly with some other country. He did no specify which one.

A few days ago, Iranian Offshore Engineering and Construction Company inked a $135-million deal with National Iranian Oil Company to develop Arvand oilfield, southwest of Iran.

The oilfield is projected to produce 5,000 barrels of crude per day in the first phase, and the figure will be increased to 20,000 barrels in the next phases. The oilfield will be developed within 18 months.

Iran is boosting its oil output by launching production operations in new oil fields and recovering production in other fields.

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