BAKU, Azerbaijan, May 11. Iranian oil and gas company Mapna and a national development company will develop the Band-e-Karkheh Oil Field in Iran, Trend reports.
The National Oil Company of Iran, the National Development Fund of Iran, and the oil and gas company Mapna signed a memorandum of understanding during the 23rd International Exhibition of Oil, Gas, Refining, and Petrochemicals.
Investments in the development of the mentioned oil field will amount to $500 million, according to the memorandum.
Following the completion of the memorandum's work, the field will increase daily production by 20,000 barrels of crude oil.
However, the Bande-Kerhe oil field is located in Iran's Khuzestan province. This field was discovered in 2007. Reports indicate that the field contains 4.5 billion barrels of crude oil. This field produces 7,500 barrels of crude oil per day in Iran.
On May 10, Iran's National Oil Company and several companies signed eight memoranda of understanding worth $8 billion for the development of 15 oil and gas fields. Within the framework of the memoranda, the country's gas production will increase by 85 million cubic meters per day, and oil production will increase by 200,000 barrels per day.
Iran's total hydrocarbon reserves amount to 1.2 trillion barrels. Iran can produce 340 billion barrels of this gas using existing technological equipment. Iran can use about 30 percent, while 70 percent remains unused underground.
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