Iran to launch two joint oilfields by year-end

An Iranian energy official says his country plans to launch two oilfields shared with neighboring Iraq by the end of the current Iranian calendar year (ending on March 20, 2014).

Managing director of Petroleum Engineering and Development Company (PEDEC), Abdolreza Hosseinnejad, said on Monday that Yadavaran and Northern Azadegan oilfields will become partially operational by then.

He stated that PEDEC has put the development of joint oilfields in the western part of Iran’s southwestern region of Karoun, particularly Yaran, Azadegan and Yadavaran oilfields, at the top of its priorities.

Hosseinnejad further noted that Northern Azadegan oilfield will yield 30 thousand barrels of crude oil per day under its early production plan.

The PEDEC managing director went on to say that 50,000 barrels of oil is being extracted from Southern Azadegan oil field per day, and the figure will climb to 320,000 barrels once the first phase of the field’s development plan is completed.

He said crude oil production at Southern Azadegan oil field will rise to 600,000 barrels per day upon the completion of the second phase.

Under development plans for Northern and Southern Yaran oilfields, which Iran shares with Iraq, the fields will respectively yield 30,000 and nearly 60,000 barrels of oil per day, Hosseinnejad pointed out.

Yadavaran oil field is located in Iran’s southwestern Khuzestan Province bordering Iraq. The development project of the oilfield is expected to be implemented in three phases. Upon the completion of all phases, some 300,000 barrels of oil are expected to be pumped out on a daily basis.

Azadegan oilfield has one of the world’s largest oil deposits, with in-place oil reserves estimated at 42 billion barrels.

By Press TV

 

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