Iran to Increase Oil Extraction from Joint Field with S. Arabia

Executive Director of Iranian Offshore Oil Company Hamid Bovard said that the oil production from the joint Iran-Saudi Arabia oilfield will be increased by at least 12,000 barrels per day.

“The Iranian Offshore Oil company, other than its role to produce crude oil, establishes the presence of the Islamic Republic of Iran in the Persian Gulf,” Bovard said. 

Foroozan oilfield, a joint field between Iran and Saudi Arabia, is located about 100 kilometers Southwest of the Kharg Island and the Arabian part of this oilfield is called ‘Marjan’.

This oilfield, with a reserve of around 2.3 billion barrels of crude oil, is mostly placed in Saudi Arabia's waters and according to the accepted borderline between Iran and Saudi Arabia Iran’s share to obtain oil from this field is 11 percent.

Two platforms are supposed to be installed in this field by Iran soon.

Also, in February, Managing Director of Pars Oil and Gas Company (POGC) Mohammad Meshkinfam underlined that his company is planning to considerably increase Iran's recovery of joint oilfield with Qatar.

"Iran’s recovery from South Pars joint gas field will equal that of Qatar in a month’s time by realizing a total output of 570 million cubic meters," Meshkinfam said.

He said that the daily gas production from the field has reached 480 million cubic meters while the figure will climb to nearly 540 million cubic meters with operation of two previously-damaged subsea pipelines.

"Furthermore, gas production at phases 19, 20 and 21 will reach full capacity by the end of the current Iranian calendar year (ended on March 20),” Meshkinfam said.

Source: Fars