Iran to Extract 50,000bpd from Joint Oilfield with Iraq

Source: www.gulfoilandgas.com 8/24/2013, Location: Asia

Iran has started developing the South Yaran oilfield, which is shared with Iraq, aiming to extract 50,000 barrels of oil per day from the field, the Fars News Agency reported.

The South Yaran oilfield holds around 1.1 billion barrels of crude oil.

In May, IRNA quoted Nader Qorbani, managing Director of Petroleum Engineering and Development Company, as saying that Iran’s oil production capacity will rise by 90,000 barrels per day as the South and the North Yaran oilfields will come on stream by the next two years.

The South Yaran oilfield is projected to yield 60,000bpd, he said, adding that a deal worth €350 million has been concluded with the national Iranian Drilling Company for drilling 22 wells in the oilfield.

The North Yaran oilfield will also be developed in the buy-back method, he noted.

Iranian Oil Minister Bijan Namdar Zanganeh has presented a proposal to the parliament (Majlis) on creating a more effective organization to promote exports of crude oil and byproducts, ISNA reported.

Zanganeh has pledged to boost Iran’s oil output, saying, “My first action will be to bring the country’s oil production capacity back to 2005 levels.”

Iran is producing 2.56 million barrels a day in July. The country produced about 4 million barrels a day in 2005, according to Bloomberg.

“I don’t mean output should be immediately returned to its past level because it may not be possible due to sanctions,” Zanganeh said. “But stable production capacity should be created so that we will be able under any circumstances to benefit from oil for our domestic needs.”

Zanganeh said an ad hoc committee will also be formed to study the sanctions imposed on the Islamic Republic and find ways to increase Iran’s oil exports.

He expressed hope that specialized manpower and veteran diplomats would help Iran’s oil sector blunt the impact of Western sanctions.

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