Azerbaijan, Baku, Sep.4/ Trend F.Milad/
Iran has begun operations to develop the South Yaran oilfield which is linked with Iraq, managing director of the Petroleum Engineering and Development Company stated.
Nader Qorbani told the Shana news agency that domestic financial sources and engineering expertise will be employed for the development of the oilfield.
The South Yaran oilfield holds around 1.1 billion barrels of crude oil. The field is projected to produce some 60,000 barrels of oil per day.
Early production from the South Yaran oilfield will be launched in a 20 month period even though the contractor will try to start early production in a 12 to 14 month period depending on circumstances.
Meanwhile, National Iranian Oil Company's managing director Ahmad Qalebani has said that the country's daily oil and gas outputs should amount to five million barrels and 1.47 billion cubic meters by 2015.
Qalebani announced in November that 20 contracts will be signed by the end of the current calendar year (March 20, 2013) to develop joint oilfields.