Yadavaran Oilfield's production capacity will reach 180,000 barrels per day in the field's second phase, said a top oil industry executive.
"Regarding the needed investment, the second phase's development plan is being drafted in cooperation with China's Sinopec and will be sent to the Oil Ministry for finalization," chief executive of Petroleum Engineering and Development Company told Shana.
Abdolreza Haji-Hossein Nejad added that in the second phase, production will first be raised to 135,000 barrels per day from the first phase's 85,000 bpd, and then will reach 180,000 bpd.
"Yadavaran will be developed in three phases, producing 300,000 bpd by the end of the expansion plan," he said.
Sinopec is already producing 50,000 bpd as part of the first phase of development.
Two of NIOC's most recent oil discoveries, Yadavaran and Azadegan fields, border Iraq and their development is high on the Oil Ministry's agenda. The two jointly hold reserves exceeding 50 billion barrels of crude—nearly one-third of Iran's total reserves and more than Libya's total oil reserves.
NIOC is targeting 260,000 bpd within a year's time from the two. The Oil Ministry plans to boost the two fields' production capacity to 700,000 bpd in what could be the "most rapid production [increase] in the Iranian oil industry's history", according to Oil Minister Bijan Namdar Zanganeh.
Zanganeh's expansion plan for the two fields, both west of Karoun River, needs an investment of $20 billion.
