South Yaran Production in July

Production from the South Yaran Oilfield in the southern Khuzestan Province is expected to start in July, according to the chief executive officer of the Petroleum Engineering and Development Company (PEDEC).

"We are confident that crude oil extraction from South Yaran field will begin within two months at a rate of 10,000 barrels per day and will soon reach 25,000 barrels a day," Noureddine Shahnazizadeh told ISNA on Monday.

Yaran oilfield, which is divided into the northern and southern sections, is part of a string of oilfields in the West Karoun block, an oil-rich region in Khuzestan near the border with Iraq.

"The 10,000-bpd target is well within reach, but we may have to wait until the end of this fiscal year (March 2018) to raise production to 25,000 bpd," Shahnazizadeh noted.

Iran is currently drawing 30,000 bpd from the North Yaran field, but plans are in place to triple output using enhanced oil recovery methods.

West Karoun holds an estimated 67 billion barrels of oil in place.

Production from all oilfields is close to 300,000 barrels a day. According to published reports, Iran is currently drawing crude from the block at an unacceptable extraction rate of 5-6%.