Recoverable oil from Iran’s Nargesi oilfield to rise by 120 million barrels

Iran Materials 3 September 2012 12:13 (UTC +04:00)

Azerbaijan, Baku, Sep.3/ Trend F.Milad/

Recoverable oil from the onshore Nargesi oilfield located in the south of Iran, will be increased by 120 million barrels, National Iranian South Oil Company (NISOC) announced on Sunday.

The IRNA news agency quoted NISOC as reporting that the oilfield would see its output rise after gas injection and associated gas gathering operations.

The $33 million recovery enhancement project has been commissioned to an Iranian contractor as part of an Engineering, Procurement and Construction (EPC) contract.

The field was discovered in 1974. NISOC is currently operating nearly 750 oil output preservation projects, 12 of which are scheduled to come on-stream by the end of the current Iranian calendar year in March 2013.

NISOC, a subsidiary of the state-run National Iranian Oil Company (NIOC), accounts for three million barrels per day of crude oil.