Baku, Azerbaijan, Aug. 14
By Dalga Khatinoglu – Trend:
Iran plans to increase the production level at Masjed-e-Soleyman, the country’s oldest oil field, from the current 2,300 barrels per day (b/d) to 25,000 b/d.
According to an Oil Ministry report seen by Trend, the project was expected to be completed on September 20, but there are some delays in the project as of now.
The project was developed by 78.35 percent as of July 22.
The project that includes drilling of 15 new wells, of which 12 are horizontal, is worth $151 million.
Based on a buy-back agreement, China’s CNPC is the project’s foreign contractor working on the subsurface sector, with $5.5 million of investment.
Masjed-e-Soleyman is Iran’s first discovered and developed oil field. Its peak output was 112,000 b/d in 1933.
The field contains 6.6 billion barrels of oil reserve in-situ, of which 1.5 billion barrels have been extracted as of now.