Some 66% of Iran's major oil block's output comes from old fields

Business Materials 24 February 2016 19:19 (UTC +04:00)

Tehran, Iran, February 24

By Mehdi Sepahvand - Trend:

Iran says the majority of crude oil output from the country's main oil block came from old fields.

Ramin Roghanian, director of reservoirs inspection at Iran South Oil Fields Company said of 66 southern reservoirs operated by the company, 18 are passing their second half of life, Fars news agency reported.

However, he added that these 18 reservoirs are responsible for 66 percent of Iran's southern total oil reserves, he noted.

In the first ten months of the current Iranian year (since March 21), South Oil Fields Company increased gas injection to its southern oil fields by 14, registering 9.6 billion cubic meters.

The share of oil production in the fields, operated by South Oil Fields Company, is 80 percent of the country's total crude oil output.

Iran is producing 2.9 million barrels per day (mbpd) of crude oil, while the figure is projected to reach 3.7 mbpd by the end of year.