The first phase of the development of Esfandiar Joint Oilfield will start soon, the managing director of Iranian Offshore Oil Company said.
“According to the scheduled program, it is predicted that the executive operation of the first phase of the development project will be carried out within 36 months,” Alireza Mehdizadeh was also quoted as saying by Mehr News Agency.
As per the program, four wells will be drilled in the first phase and the extracted oil will be sent to Kharg Island, he added.
IOOC, a state-owned utility, is in charge of the field’s development. The project seeks to initially produce 32,000 barrels per day of oil and then 400,000 bpd in the long run. It includes drilling of wells, the installation of platforms, the construction of infrastructure-related facilities and the laying of pipelines.
A subsidiary of the National Iranian Oil Company, IOOC operates several oilfields in the Persian Gulf and the Sea of Oman.
Esfandiar Oilfield, shared with Saudi Arabia, is located in the Persian Gulf, 95 kilometers southwest of Kharg Island.
Despite the US sanctions, Iran has continued development projects in oil, gas and petrochemical industries.
The previous US administration unilaterally withdrew from the 2015 nuclear deal, signed between Iran and six world powers, in May 2018. It reimposed sanctions on Iran, targeting its key economic sectors, namely oil, banking and shipping industries.
Based on the latest reports, Iran’s current crude output is over 2.5 million bpd. With indirect talks continuing between Iranian and American officials regarding the revival of the nuclear deal and removal of sanctions, Iran is expected to boost its production capacity to 4 million bpd in the near future, returning to levels before the sanctions hit the country.
