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Iran studies Eni proposal for oil field development

Business Materials 14 May 2018 21:51 (UTC +04:00)

Baku, Azerbaijan, May 14

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The National Iranian Oil Company (NIOC)‎ investigated the proposals submitted by Italian Eni and Iranian Ghadir Investment Company for development of the Darkhovin oil field.

The proposals for development of oil field were discussed in recent meetings of the NIOC special advisory committee for management of the country’s oil reservoirs, Integrated Planning Department of NIOC said in a statement.

The Darkhovin oil field, located in the southwestern province of Khuzestan, was discovered in 1965. The in-place oil reserves of the field have been estimated at over five billion barrels.

Eni took part in development of the first two development phases of the oil field under a buyback contract. The first phase became operational in 2005, and the second phase came on stream in February 2011.

The Italian company, which entered Iran in the 1950s, besides Darkhovin, was involved in the development of the the offshore South Pars gas field before the US-led sanctions.

The Darkhovin oil field is currently producing 160,000 barrels of oil per day (bpd). Its third phase is to produce 110,000 bpd of crude and 210 million cubic meters per day of gas.

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