IOOC to top up crude output in joint oilfield

TEHRAN, May 06 (MNA) – IOOC head has announced that crude recovery from Forouzan, a joint field with Saudi Arabia, will be augmented by a minimum of 12,000 barrels per day.

Hamid Bovard, Managing Director of Iranian Offshore Oil Company (IOOC), said his company, with its structures and platforms, stabilized presence of Islamic Republic of Iran in Persian Gulf waters in addition to playing role in crude production.

He noted that the permit had been issued to attract 1.8 to 2 billion dollars of investment asserting that the sector’s working packages will be soon announced.

“Upon implementation, the working packages will add 11,000 barrels to daily oil production of Forouzan field as well as 300 million cubic feet to its gas output,” he continued.

Foroozan oilfield, a joint field between Iran and Saudi Arabia, is located about 100 kilometers southwest of the Kharg Island and the Arabian part of this oilfield is called ‘Marjan’.

This oilfield, with a reserve of around 2.3 billion barrels of crude oil, is mostly placed in Saudi Arabia's waters and according to the accepted borderline between Iran and Saudi Arabia Iran’s share to obtain oil from this field is 11 percent.

Two platforms are supposed to be installed in this field by Iran soon.


News Code 125218


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