Iran opening special account for central oil fields
Tehran, Iran, August 13
By Mehdi Sepahvand –- Trend:
Counting on its central oil fields, Iran is planning to further the fields’ output after it achieved a huge surge in tapping them last year.
Salbali Karimi, CEO of the Iranian Central Oil Fields Company (ICOFC) said the company achieved a boost of output by 74 thousand bpd in the second half of last Iranian fiscal year (September 23 to March 19), SHANA news agency reported August 13.
The main objective is to increase oil output from fields shared with other countries, he stated.
Last year, the company produced the equivalent of 700 million barrels of oil, gas, and gas condensates, earning $21 billion.
For the following year, he said, the ICOFC plans to materialize a daily output of 20 thousand barrels of crude from Khesht oil field.
The managing director of Khesht development project Gholamhussein Montazeri had said in November 2016 that crude oil recovery from the oilfield would begin by mid-March 2016.
Phase one development of the field has shown a physical progress of 80 percent, he had said then.
The field is estimated to contain one billion barrels of in-situ oil, of which 270,000 million barrels is recoverable light oil.