Despite falling oil prices, Iran plans to increase crude production and exports by one million barrels per day in two stages.
Considering that oil supply continues to surpass demand, Iran uses several advantages in order to reclaim lost markets during the post-JCPOA period.
Accordingly, in addition to low costs of producing one oil barrel in Iran compared with other oil-rich countries, Iran has recently managed to produce world’s most excellent quality oil by drilling a new oil well in a joint field located in the Persian Gulf.
Being extracted from Hengam oilfield, the new extra light crude enjoys several outstanding characteristic including high gas oil and gas fuel production rate as well as high API gravity to the extent that its color is white unlike common crude oil types which are black or brown.
Moreover, the newly produced crude oil enjoys an extremely low sulfur content as well as water-in-oil turning the production to the most exceptional oil produced all around the world.
A senior official at the Iranian Offshore Oil Company (IOOC) Heidar Yarveisi referred to details of oil production from Hengam oilfield explaining “crude production from the joint field with Oman began in 2001 while more than 35 million oil barrels have been extracted since then.”
“On the basis of the conducted studies, the API gravity of the joint field has increased to 51 turning the product into the lightest oil in the Persian Gulf and the world,” he added.
Yarveisi, who oversees development projects in Qeshm, stressed that high-quality oil products like gas oil and fuel gas are produced from Hengam field at the highest possible rate; “currently, the field has been estimated to hold 219 million barrels of oil-in-place while the figure for gas-in-place is 28.7 trillion cubic feet.”
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