Storage capacity in the Bahregan oil field in the Persian Gulf reached 5.8 million barrels with the installation of a new storage unit capable of holding up to one million barrels, Saeed Hafezi, managing director of the Iranian Offshore Oil Company (IOOC) said, Shana reported. Saeed Hafezi said, "Many of oil projects in Bahregan are progressing well, despite limited financial resources and facilities."
The new storage facility was the last phase to increasing the oil storage capacity in Bahregan. Two storage units with 500,000 and one million barrels capacity respectively had previously come on stream in the oil-rich region.
Bahregan is one of major Iranian oil fields in Bushehr Province. It has three platforms and ten oil wells for extraction of heavy crude oil. Hafezi stressed that Saudi Arabia's heavy oil can replace Iranian and Kuwaiti light crude, but "there is no replacement for IOOC's oil," he said, but did not provide further details.
IOOC's output comprises close to 40 percent of Iran's oil exports and one-eighth of total production.
Iran is estimated to have 150 billion barrels of oil, approximately 10 percent of the world's total proven reserves.
