Extraction from the Changuleh oil field in west Iran will reach 40,000-50,000 barrels per day (bpd) according to plans, director of the oil field Ali Abbas Lorki said.
"Changuleh development plan, among 70 other oil and gas projects, will be introduced to international investors in London in the first quarter of 2015. The project is estimated to require $2.2 billion investment," Shana news agency quoted Lorki as saying.
The field will be developed in two phases. During the first phase, which is scheduled to last 40 months, output will reach 15,000 bpd by drilling four, and repairing two wells.
Additionally, by drilling 13 new wells and installing major infrastructure in the second development phase in a 60-month period, the field's output will increase to 40,000-50,000 bpd. It is part of the development project which is to be carried out by the Petroleum Engineering and Development Company (PEDEC).
Located in Ilam Province across the Iraqi border, Changuleh is estimated to hold 7 billion barrels of oil reserves. Production is expected to reach a maximum 75,000 bpd upon completion.
Iran and Iraq have six joint oil fields, of which Iran produces around 130,000, and Iraq 295,000 barrels per day.
