China’s Sinopec to develop Yadavaran oilfield

TEHRAN, Jul. 25 (MNA) – An oil official has announced that Sinopec Company of China will take up second phase of the project for development of Yadavaran joint field.

Executive manager of the Development Project of Yadavaran oilfield Hadi Nazarpour described the latest status of Yadavaran development plan saying “at the current time, a daily average of 100 thousand barrels of oil are being produced at the joint field.”

He underlined that Iraq begun production at Yadavaran four months ago asserting “since the launch of production, Iran has managed to recover a total of 53 million barrels of oil from the joint field with the neighboring country.”

“The contract to develop Yadavaran was inked in 2008 with China Petroleum & Chemical Corporation (Sinopec),” highlighted the official noting “three developmental phases were envisaged for the joint oilfield with the first and second phases aiming to increase output to 58 and 180 thousand barrels per day, respectively.”

Nazarpour said new evaluations have revealed that the volume of Yadavaran’s oil in place is 31 billion barrels rather than the earlier 12-billion-barrel estimation adding “given the new figure, the possibility exists to define phases 4 and 5 development plans for the joint field.”

He also touched upon the latest status of talks with Sinopec over development of Yadavaran’s Phase 2 explaining “for the time being, the Major Development Plan (MDP) has become finalized and the Chinese firm will carry out the project.”

“The second phase aims to increase production to 180 thousand barrels per day,” stressed the official estimating that the second phase of the project for development of Yadavaran joint field will become operational within four years.

He said Iran expects to withdraw 35 thousand barrels of crude oil from west Karoun oilfields by the end of the incumbent government reiterating “the share of domestic production in the field's first developmental phase has amounted to 50 per cent.”

A total of 105 wells need to be drilled in the second developmental phase of Yadavaran oilfield in order to realize the aim of producing 180 thousand crude barrels.

Yadavaran Field oil field is one of the NIOC Recent Discoveries which is located in Khuzestan, Iran.

The name is new, as the field is made up of two former fields, Koushk (discovered in 2000) and Hosseinieh (discovered in 2002). After researchers discovered that the two fields were actually connected, the field was renamed as the Yadavaran Field.


News Code 118364


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