TEHRAN (FNA)- The major development plan for the Tosan oilfield in Southern Iran was finalized and submitted to the Iranian Offshore Oil Company (IOOC).
The plan of developing Tosan oilfield, located in the Southern part of Iran, was finalized by the Iranian experts at the Research Institute of Petroleum Industry, media reports said on Friday.
The Managing-Director of the IOOC, Mahmoud Zirakchianzadeh, said on July 16 that oil production from the field is projected to reach 25,000 barrels per day (bpd), though an agreement had been reached with the contractor for the production of 7,000-10,000 bpd in the first stage, the Islamic republic news agency reported.
He added that the IOOC and the Khatam ol-Osia Headquarters had cut a $450mln deal for the development of the Tosan oilfield.
Zirakchianzadeh further noted that the development of the oilfield will be completed in 36 months under a buyback contract signed between the IOOC and the Khatam ol-Osia Headquarters, with Sazeh Company being in charge of designing the project.
Located Southeast of Qeshm Island in the Persian Gulf, in-place reserves of the Tosan oilfield have been estimated at about 411mln barrels. Recoverable reserves have been put at 53-70mln barrels before and 107mln barrels after water injection.
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