Tehran, Iran, Nov. 7
By Milad Fashtami - Trend:
The drilling operations of 55 wells at the Yadavaran oil field's first phase have been completed.
Hadi Nazarpour, the project manager of phase one, said that the contractor (CNPC) has provided 95 percent of the necessary funds, Iran's SHANA News Agency reported on Nov. 7.
He went on to note that the National Iranian Oil Company needs to approve the second phase's contract.
The first phase of Iran's Yadavaran oil field is projected to come on stream in December.
Iran's ISNA News Agency reported in June that even if the project comes on stream in December, the first phase has been finished with a 17-month delay. Such a long delay inflicts a $2.7-billion loss to Iran.
The first phase of Yadavaran oil field is expected to produce 85,000 barrels of oil per day.
China National Petroleum Corporation (CNPC) has been awarded with developing North Pars oil field, Yadavaran joint oil field, North and South Azadegan fields, and the phase 11 of the South Pars gas field.
Due to its repeated delays, the company has been expelled from the South Pars and the North Pars projects, and they are on the verge of being expelled from the South Azadegan project.
Yadavaran oil field is located in the southwestern Khuzestan Province, bordering Iraq. The development project of the oil field is expected to be implemented in three phases. Upon the completion of all phases, some 300,000 barrels of oil are expected to be pumped out on a daily basis.
Iran holds the world's third-largest proven oil reserves and the second-largest natural gas reserves.
The country's total in-place oil reserves have been estimated at more than 560 billion barrels, with about 140 billion barrels of extractable oil.
Moreover, heavy and extra heavy varieties of crude oil account for roughly 70-100 billion barrels of the total reserves.
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