Iran shares 24% of oil output from joint oilfield with Saudi Arabia

Business Materials 19 June 2016 15:22 (UTC +04:00)

Baku, Azerbaijan, June 19

By Fatih Karimov – Trend:

Iran has extracted about 763 million barrels of crude oil from Forouzan oilfield, shared with Saudi Arabia.

Iran’s share from the joint field in the Persian Gulf stands at 11 percent, meanwhile the country’s share from the oilfield’s total output reached 24 percent, the oil ministry’s SHANA news agency reported June 19.

Saudi Arabia, which enjoys an 89-percent share from the oil field, has recovered 2.36 billion barrels of crude oil so far.

Iran currently extracts 38,000 barrels of crude oil from the field, according to the Iranian Offshore Oil Company (IOOC), meanwhile Saudi Arabia’s output stands at 190,000 bpd.

It is while the Saudi Arabia’s recovery capacity from the field is about 400,000 bpd.

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

Iran is planning to increase its output capacity from the field to 400,000 barrels per day.