Output to Increase at Joint Iraqi Oilfields

Output to Increase at Joint Iraqi OilfieldsOutput to Increase at Joint Iraqi Oilfields

Production from five oilfields jointly owned by Iran and Iraq in West Karun region is projected to increase by 280,000 barrels per day (bpd) in the current Iranian calendar year (began March 21), Tasnim news agency reported Saturday.

Crude output from the region will see a 280,000 bpd increase this year if development plans in the five fields in West Karun are implemented as schedule. West Karun, in southwest Iran, includes Yaran and Mansouri fields as well as Yadavaran and North and South Azadegan joint oilfields with Iraq.

Production from South Azadegan will increase between 30,000- 50,000 bpd this year.  The field's current production is 50,000 bpd. Moreover, 75,000 bpd will be produced from North Azadegan oilfield by June.

Development of North Yaran oilfield is slated to be completed by March 2016, which will boost the country's oil production by 30,000 bpd. However, if the National Iranian Oil Company (NIOC) approves a gradual production scheme for the fields half of projected production could be achieved this year, the agency said. About 5,000 barrels of crude oil is currently produced in this field.

Production from South Yaran will commence in the second half of the current year, and is expected to produce 40,000 bpd of oil.

During the first half of the current year, oil production from Yadavaran joint field will reach 85,000 bpd.  Development plans for West Karun oilfields are aimed at expanding oil production by 700,000 bpd. The West Karun fields are projected to produce one million barrels of oil per day in 2018.

The National Development Fund of Iran (NDFI) in December earmarked $6 billion for the development of West Karun oilfields, which are to be completed in three years.