Iran to begin crude recovery from joint oilfield

TEHRAN, Jan. 01 (MNA) – An NIOC official said crude production at South Yaran joint oilfield with Iraq will kick off within months with a daily capacity of 10 thousand barrels.

Homayoun Kazemeini, Operator of South Yaran Oilfield, described the latest status of development of joint oilfields in southern Iran saying “presently, 18 wells have been drilled 15 of which are ready for operation.”

“On the basis of the latest technical analyses, the targeted production figure has plunged to 25 thousand barrels per day,” highlighted the official asserting that newly gathered information have affected the planning for development of the field.

“All previous planning was based on an overall output of 50 to 60 thousand barrels,” he underlined.

He deemed financial limitations as main causes of delay in implementation since the project relies on financial resources of the National Iranian Oil Company (NIOC).

Kazemeini said Iran will begin crude oil recovery from the field by 10,000 barrels per day by March 2016 which is the end of the current Iranian calendar.

He stressed that all the necessary arrangements have been made to add to the field's output during the next calendar year.

Iranian Oil Ministry has devised dozens of plans to boost crude oil production from West Karoun oilfields including Yadavaran, North Azadegan, South Azadegan, North Yaran and South Yaran which Iran shares with neighboring Iraq.

Iraq is already recovering 200 thousand barrels per day from South Yaran field which the two neighbors share.

HA/3865442

News Code 122417

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