24 Apr 2024
Saturday 17 August 2013 - 22:39
Story Code : 45316

Iran to extract 50,000bpd from joint oilfield with Iraq

[caption id="attachment_34705" align="alignright" width="180"] This file photo shows installations at Lavan Oil Refinery.[/caption]
TEHRAN -Iran will double output at the Yadavaran oilfield, which is associated with Iraq, to 50,000 barrels per day (bpd) by the calendar month of Dey (begins on Dec. 22), ISNA quoted the oilfield development plans manager, Hadi Nazarpour, as saying.
The oilfield is currently producing 25,000bpd of crude oil, he added.

Some 55 wells will be drilled in the oilfield by the next month, he said.

The first phase of the oilfields development plan is complete by 70 percent, Nader Qorbani, managing Director of Petroleum Engineering and Development Company, said in May.

He added that the oilfields output is projected to reach 300,000 bpd in three phases.

Early production started in February 2012 from the oilfield.

The oilfield is estimated to hold around 12 billion barrels of in-situ crude oil, some 12.5 trillion cubic feet of associated gases, as well as nearly 1.9 billion barrels of condensates, ISNA news agency reported.

Iran and the Chinese Sinopec signed a buyback contract in 2007 on the development of the Yadavaran oilfield.

Iran shares oil and gas fields with most of its neighbors, including Iraq, Kuwait, Qatar as well as Oman and Turkmenistan.

Based on studies, there are 23 joint hydrocarbon fields between Iran and Iraq which are divided into exploration, development and production categories.

The country's total in-place oil reserves have been estimated at more than 560 billion barrels, with about 140 billion barrels of extractable oil. Moreover, heavy and extra heavy varieties of crude oil account for roughly 70-100 billion barrels of the total reserves.

By Tehran Times


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