Iran to double Alvand oilfield’s output in Persian Gulf

Business Materials 24 September 2014 12:59 (UTC +04:00)

Baku, Azerbaijan, Sept.24

By Fatih Karimov - Trend:

Iran will double Alvand oilfield's output, which is located in the Persian Gulf.

The oilfield's output will increase from 11,000 barrels per day to 22,000 bpd by the end of the current year (began on March 21), Iran's IRNA news agency reported on September 24.

The oilfield's in-situ reserve is estimated at 1.7 billion barrels.

Iran's crude oil output (excluding condensates) has increased by 14,700 barrels per day in August compared to the preceding month and stood at 2.769 million barrels per day (mbpd).

The country stood out among the Organization of Petroleum Exporting Countries (OPEC) after Saudi Arabia, Iraq, the UAE and Kuwait based on secondary sources, according to the latest monthly report of the OPEC, released on Sept. 10.

The Islamic Republic's oil production is 3.01 mbpd for August according to an OPEC report based on direct communication, indicating a 241,000 barrel difference between OPEC's estimates and Iran's data.

Iran ranked third, in an OPEC report on oil production in 2012 after Saudi Arabia and Iraq, however in 2013 it fell to fifth spot.

The country's oil production has decreased by 208,000 bpd since 2012. Meanwhile, compared to the 2013 figure the country's oil output indicates an increase by 96,000 bpd.

The report also says that OPEC members' total crude oil output increased by about 230,900 bpd in August compared to July, reaching 30.347 mbpd.