West Karoun Output to Rise by 1 mbpd
West Karoun Output to Rise by 1 mbpd

West Karoun Output to Rise by 1 mbpd

West Karoun Output to Rise by 1 mbpd

Iran aims to boost the nominal output capacity of its shared oilfields with Iraq in an oil block known as West Karoun in Khuzestan Province by 1 million barrels a day from the present 320,000 bpd, the chief executive officer of the Petroleum Engineering and Development Company said.
“To fulfill the lofty goal, $36 billion in investment are needed, of which some $21.5 billion worth of projects are already in development,” Noureddine Shahnazizadeh also told Mehr News Agency on Monday.
West Karoun, Iran's top priority for raising crude production to restore market share it lost to international sanctions, includes Mansouri, Yaran, Yadavaran as well as North and South Azadegan joint fields. The block holds an estimated 67 billion barrels of oil in place. Shahnazizadeh said output from the South Azadegan field is just above 45,000 barrels per day and is slated to rise to 85,000 bpd in the second quarter of 2017.
Asked about production from the South Yaran Oilfield, he said, "We are confident that crude oil extraction from South Yaran field will begin within two months at a rate of 10,000 bpd."
The official noted that the 10,000-bpd target is well within reach, but may have to wait until the end of the fiscal 2017-18 to raise production to 25,000 bpd.
According to Shahnazizadeh, crude oil output from Azar field has already reached 30,000 bpd and plans are in place to boost it as much as 65,000 bpd by the end of the present fiscal year in March 2018.
Located in Anaran block near the border with Iraq in the town of Mehran in Ilam Province, the field holds 2.5 billion barrels of crude oil in place, some 400 million barrels of which are recoverable. It is one of the six joint fields with Iraq, along with Dehloran, West Paydar, Naft-Shahr, Azadegan and Yadavaran.
According to Oil Minister Bijan Namdar Zanganeh, oilfields in the West Karoun region top the ministry's development priorities. Officials say raising the rate of recovery from West Karoun by 1% would increase recoverable reserves by 670 million barrels, or some $33 billion in revenues with oil at $50 a barrel.


Short URL : https://goo.gl/UZ5zvK
  1. https://goo.gl/fxC7vz
  • https://goo.gl/VPJ8ET
  • https://goo.gl/9NX3no
  • https://goo.gl/9ZQCGy
  • https://goo.gl/iFsRn3

You can also read ...

China Rejects US Sanctions, Vows to Continue Iran Crude Purchase
As the US and Iran continue to trade barbs over the...
India Vying for US Waiver
India, the second biggest crude customer of Iran, may cut its...
Zanganeh to Attend OPEC, Non-OPEC Committee Meeting
Iran's Oil Minister Bijan Namdar Zanganeh will attend a...
Venezuela Braces for Pricey Gasoline
Gasoline prices in Venezuela will soon catch up with world...
S. Korea Iran Crude Imports Up 15%
South Korea’s imports of Iranian crude rose around 15% in July...
Indonesia Cuts Oil Imports
Indonesia’s PT Pertamina will get an extra 225,000 barrels per...
UK's Quercus Halts Iran Renewable Project
British renewable energy investor Quercus said it will halt...
NPC Not Worried About Exports
The National Petrochemical Company is not concerned about...

Add new comment

Read our comment policy before posting your viewpoints