Darkhovain Oil Field's Production Capacity to Rise

By implementation of the Darkhovain oil field’s third phase, production capacity of the field will rise to 260 thousand barrels a day; Iran’s minister of petroleum, Dr. Seyed Masoud Mirkazemi said.

Addressing the inauguration ceremony of the Darkhovain oil field’s second phase south of Iran on Tuesday, Mirkazemi underlined using different financial resources to develop oil industry projects adding if we rely just on NIOC resources, it would lead to noting except delays and incomplete projects.

On diversification of domestic financial resources, Mirkazemi noted that the diversification has helped to achieving desirable progress in oil industry development and finalizing contracts.

‘While the upstream sector needs 150 billion dollars investment over the fifth five year development plan, some other sectors including oil refining and distribution, petrochemical and gas each needs 20 billion dollar investment,’ Iran’s minister of petroleum added.

Expressing investment in oil sector cost-effective, the official noted despite passing a short period of launching the first phase of Darkhovain oil field, we have gained 14 times more when compared to the costs.

The second phase of Darkhovain oil field came on stream in the presence of the minister of petroleum.

By launching this phase, Darkhovain oil field production capacity increased from 50 thousand barrels a day to 160 thousand barrels a day.

Holding 5.2 billion barrels of in situ oil reserves the oil field is located in Khozestan province south of Iran.