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A New Oil Discovery in Iran

Source: www.gulfoilandgas.com 7/4/2012, Location: Asia

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Iran’s recoverable oil reserves rose by approximately 6 billion barrels following discovery of a new oil field in west of the country.

Iranian minister of petroleum, Rostam Qasemi, announced this in an interview with Shana adding newly discovered oil field is located near Yadavaran oil field 70 kilometers southeast of Ahwas city near the border area.

Iranian minister of petroleum announced November last year that the country’s recoverable oil reserves had risen from 151 billion barrels to 154.8 billion barrels adding there are plenty of unexplored hydrocarbon reserves in the country. Qasemi said the volume of newly discovered oil field’s reserves were more than earlier forecasts.

Referring to development plan of Yadavaran oil field the minister noted that Yadavaran oil field would be developed in three phases.

He also reported of starting early production from Yadavaran oil field at 20 thousand barrels per day adding by completion of first and second phase of the field, oil extraction from Yadavaran oil field will reach 200 thousand barrels per day.

Development plan of Yadavaran oil field aims at rising oil production to 85 thousand, 200 thousand and 300 thousand barrels per day in first, second and third phase of the plan respectively.

In situ oil reserves of Yadavaran oil field is estimated at 12 billion barrels plus 12.5 trillion cubic feet of associated gas and 1.9 billion barrels of gas condensate.

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