BAKU, Azerbaijan, May 12. Iran's Darkhovin oil field will be developed with $1.1 billion worth of investments, Trend reports.
The Iranian National Oil Company, Sina Energy Company, Petropars Company, Iranian Offshore Engineering and Construction Company, and Omid Investment Company signed a memorandum of understanding on the development of the field at the 23rd International Exhibition of Oil, Gas, Refining, and Petrochemicals in Tehran on May 10.
The field will produce 120,000 barrels of crude oil after the completion of the work under the MoU.
Iran's Darkhovin field contains more than 6 billion barrels of oil. Reports suggest that its production could potentially reach 1.54 billion barrels. Iran currently produces about 130,000 barrels of oil from this field.
On May 10, Iran's National Oil Company and several companies signed eight memoranda of understanding worth $8 billion to develop 15 oil and gas fields.
According to 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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