TEHRAN (FNA)- Iran is planning to increase production at its joint oil field with the United Arab Emirates (UAE) up to three times, a senior energy official announced on Saturday.
“Oil production at Nosrat joint oil field will increase between two to three times with the drilling of three new oil wells in the field which is shared with the UAE,” Deputy Director of Nasr Oil Platform Sadeq Tavasoli said on Saturday.
He noted that exploitation of three new oil rigs will add an extra 10,000 barrels of oil per day to the Nosrat oil field’s output.
Nosrat oil field is located 35 kilometers to the Southeast of Siri Island in the Persian Gulf and it is a shared oil field with the UAE. The UAE’s portion of the oilfield is called Fateh oil field.
Nasr oil platform is located 14 kilometers from the Siri Island.
Siri is one of the six zones covered by Iranian Offshore Oil Company (IOOC) in Persian Gulf and comprises Alvand, Sivand, Esfand, Nosrat, Dena and Mobarak oil fields.
Iran sits atop more than 96 billion barrels of in-place oil in the Persian Gulf.
Iran envisages a one-percent recovery enhancement from its oil reserves by 2015 when the country’s Fifth Five-Year Economic Development Plan ends.
With 137.6 billion barrels of proven reserves, Iran has the world’s fourth largest oil reserves, and the second largest gas reserves, estimated at 29.61 trillion cubic meters (tcm).
Iranian Oil Minister Bijan Namdar Zanganeh underlined in November that Iran is resolved to utilize its full capacity for recovery of oil and natural gas from joint fields.Namdar Zanganeh said the Oil Ministry did its utmost to promote the status of Iran in the gas sector and to enhance domestic welfare and wealth through maximum recovery from the joint oil and natural gas fields.
The Iranian minister said Iran sits on the largest global oil and natural gas reserves, while noting that this is an advantage which the world cannot ignore and therefore the international community awaits the reduction of sanctions in order to tap into Iran’s market.
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