TEHRAN, Aug 30 (Shana) � Managing Director of the Oil Development Engineering Company (ODEC) Seyed Nureddin Shahbazi says now, 225,000 bpd oil is extracted from oil fields west of Karoon.

Talking to Shana, Shahbazi said that by end of this year (to end on March 20), 120,000 bpd oil is expected to be added to the ODEC capacity of oil extraction from the fields.

He said for the time being, 225,000 bpd is extracted from Yadavaran, North Azadegan and South Azadegan oilfields �and it is predicted that oil extraction from joint fields of the company will rise up by 120,000 bpd.

Providing details of daily increase of 120,000 in the company's capacity for oil extraction from the joint fields, Shahnazizadeh said stepwise increase in extraction from the field is on agenda this year and oil extraction from South Azadegan field by end of this year is expected to stand at 60,000 bpd, that of Yaran Shomali at 30,000 bpd and Azar field at 30,000 bpd.

The Managing Director said his company targets that from six fields in Dasht Azadegan about 1,150,000 bpd oil will be extracted.

He said that by end of 1398 (2019-20), crude extraction from South Azadegan oil field will reached 320,000 bpd, from first phase of North Azadegan to 75,000 bpd, from second phase of Yadavaran to 180,000 bpd, from Azar field to 65,000 bpd, from Yaran Shomali field to 30,000 bpd and from Yaran Jonoubi to 25,000 bpd and overall to 655,000 bpd.

The official said that furthermore, talks have been held with the CNPCI company for development of the second phase of North Azadegan field and with SINOPEC for development of the second phase of Yadavaran field.

Talks are underway now with both of the companies for the purpose, Shahnazizadeh added.

Development of North Azadegan field features two phases, each targeting 75,000 bpd extraction capacity. The project contract will be buy-back in nature and on the whole, 150,000 bpd extraction will be met in the first phase of the project.

Furthermore, the first phase of the development of Yadavaran field is expected to end up in daily extraction of 85,000 barrels oil but considering 15,000 bpd increase, the final figure has hit 100,000 bpd. Development of the second phase of the field is envisioned to peg the ceiling of oil extraction from Yadavaran field to 180,000 bpd.

Shahnazizadeh also commented on attraction of resources for development of the oil industry and said commissioning of the oil industry projects needs security necessary financial sources as domestic sources are insufficient and foreign capital should be obtained for the purpose because oil industry is the driving force of Iran's economy.

By SHANA