Iran starts crude oil production from a huge southern field
Baku, Azerbaijan, Apr.26
By Fatih Karimov - Trend: Iran started production of crude oil from a huge oilfield, which is estimated to hold millions of barrels of in-situ reserve, said Hamid Deris, an official with the National Iranian South Oilfields Company.
Production of 1,000 barrels of oil per day started from the Mansourabad oilfield, located in the southwestern province of Khuzestan, Iran's Mehr news agency quoted Deris as saying on April 26.
Iran's current oil production is estimated to be around 2.7 mb/d of which about 1 million barrels are exported - as required by the current regime of sanctions.
Its major oil customers are China, India, Japan, South Korea and Turkey but the US and European sanctions are preventing international banks from transferring money to the Islamic Republic.
Iran holds the world's fourth-largest proven crude oil reserves and the second-largest natural gas reserves.
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.