Crude oil production in Sivand, Esfand and Dena offshore oilfields off the Persian Gulf will increase by 16,000 barrels per day.
To achieve the goal, the Iranian Offshore Oil Company signed a contract with PetroIran Development Company on Wednesday for enhancing oil production in the three oilfields by mid-2020 near Sirri Island, Shana reported.
The $120 million engineering, procurement and drilling contract was signed by Abdulhamid Esfandiyarpur, IOOC deputy director, and Roham Qasemi, CEO of PetroIran.
Drilling, repairing and completion of 13 wells in the three fields, in addition to drilling four new wells, re-drilling six wells and repairing three others are mentioned in the contract. Work will be carried out by domestic engineers and workers.
Both companies are subsidiaries of the National Iranian Oil Company, and the contract is one of the 34 NIOC plans to increase curde oil production.
The deal is in line with the declared government plan of action to boost oil output from offshore deposits. Iran so far owns 145 hydrocarbon fields of which 26 are shared with neighbors, namely Kuwait, Iraq, Qatar, Bahrain, the UAE, Saudi Arabia and Turkmenistan.
In recent times the government has placed higher priority on shared fields. Iran currently produces almost 3.7 million bpd of crude oil.
A part of the southern province of Hormuzgan, Sirri Island is situated 76km from Bandar-e Lengeh and 50km west of the strategic island of Abu Musa.
With over a half century of experience, the IOOC operates 15 oilfields in the Persian Gulf and Sea of Oman and accounts for one third of the total crude export. It has undertaken several major oil and gas development projects on the island including a NGL gas factory.
Established in 1997, PEDCO deals with management and implementation of upstream oil and gas projects.
Esfand Oilfield has 29 production and injection wells and currently produces 60,000 bpd.
Sivand Field with 18 wells and Dena Field with 24 wells produce 30,000-35,000 barrels of oil per day altogether.
