Iran boosting oil output at Iraqi shared field
Tehran, Iran, June 5
By Mehdi Sepahvand - Trend:
Iran has drilled three new wells at South Azadegan field, shared with Iraq, to increase its crude output by 7,500 bpd.
Right now the Iranian side is extracting over 57,000 bpd of crude from the field, CEO of Iran Oil Engineering and Development Co. Abdolreza Haji Hosseinnejad told Mehr news agency June 5.
It is expected that by September, Iran's output from the field reaches 60,000 pbd, the official said.
Iran aims a daily output of 110,000 barrels from the field in short term, whereas the first phase should develop into giving 320,000 bpd of crude.
Right now Iran has employed 18 drilling rigs at South Azadegan. The country is in talks with foreign companies as well to develop the second phase of the field.
The National Iranian Oil Company (NIOC) has signed confidentiality agreements with giant international oil companies Total and Shell for the field's second phase.
Iran says the second phase pursues a daily production of 280,000 barrels from South Azadegan.
Last week Iranian Oil Minister Bijan Zanganeh met Total's Middle East Director Stephane Michel to discuss the field.
Mahmud Marashi, an official with the engineering company, had earlier said the second phase of South Azadegan needs less than $5 billion budget.
He had added that Iran was in talks with South Korean and Japanese companies as well for the developmental phase.