Iran to install new platform at joint oilfield with Saudi Arabia

Business Materials 18 September 2017 16:48 (UTC +04:00)

Baku, Azerbaijan, Sept. 18

By Fatih Karimov– Trend:

Iran will install a new platform at the Foroozan oilfield, jointly owned with Saudi Arabia‎ by the end of this year.

The loading operation of the Wellhead Platform F18, which is constructed in Iran's Qeshm island, is finalized and it is projected that the installation operation will be concluded within 2-3 months, according to the official website of the Iranian oil ministry.

The 1,200-ton platform and its related facilities including pipelines (worth 43 million euro) will have seven wells drilled, to add 8,500 barrels per day to the field’s output.

Iran's share in total reserves of the field is about 11 percent. Foroozan contains 3.432 billion barrels of in-situ oil reserves.

Currently 27,000 barrels of crude per day are produced from 66 wells of six layers of this field. The Islamic Republic plans to extract more than 65,000 barrels of oil per day from this field.