Iran eyes to increase oil output capacity by 65,000 bpd
Tehran, Iran, October 10
By Milad Fashtami - Trend:
Once Azar and Changoule oil fields come on stream, Iran's oil output capacity would rise by 65,000 barrels per day, said Iranian Oil Minister Bijan Namdar Zanganeh.
Zanganeh said that if the mentioned oil fields start their early production by the end of the next Iranian calendar year (March 20, 2016), the country's oil production capacity would be increased by 30,000-35,000 barrels per day, Iran's IRIB News Agency reported on October 10.
"The two oil fields are expected to come on stream at the cost of $1.8 billion," he said.
Changoule and Azar oil fields span an overall area of 482 square kilometers in southeast of Mehran town in the western Iranian province of Ilam.
Mohsen Qamsari, the director for international affairs at the National Iranian Oil Company (NIOC), said in May that the oil production of the Islamic Republic would reach four million barrels per days by the end of the current Persian calendar year in March 2015.
Iran's total in-place oil reserves have been estimated at more than 560 billion barrels, with about 140 billion barrels of recoverable oil. Heavy and extra heavy varieties of crude oil account for roughly 70-100 billion barrels of the total reserves.