Iran to double output at Forouzan oilfield in 2 years

Business Materials 22 November 2014 16:27 (UTC +04:00)

Tehran, Iran, Nov. 22

By Milad Fashtami - Trend:

Iran will double its output at the Forouzan oilfield, which is shared with Saudi Arabia in the Persian Gulf, in the Iranian calendar year of 1395 (to start on March 21, 2016).

Ebrahim Delavaran Shiraz, the project manager of the oilfield's development plan, said that the F18 platform of the oilfield is expected to come on stream next year, while the F19 platform is projected to become operational in Iranian calendar year of 1395, Iran's IRNA news agency reported on Nov. 22.

"The Forouzan oilfield's production is expected to reach 10,000 barrels per day in the near future," he said, adding that once the platforms become operational, the field's output will be doubled.

The development of the oilfield aims to increase its gas output to 250 million cubic feet and extract more than 300 million barrels of crude oil in the next 25 years.

The Forouzan oilfield is shared with Saudi Arabia in the Persian Gulf. Extraction of oil from the field started in the early 1970s and the field produced about 550 million barrels of oil by the end of 2002.

The field experienced its peak production in late 1978 when it produced 180,000 barrels of crude oil per day.

The Forouzan oil field is located 100 kilometers southwest of Kharg Island. It was discovered in 1966 with estimated in-place reserve of 2.309 billion barrels of crude. The field is known as Marjan in Saudi Arabia.

Iran shares oil and gas fields with most of its neighbors in the Persian Gulf region, as well as with Turkmenistan in the Caspian Sea.