30 August 2016 - 10:42
  • News Code: 268104
Iran Gains Superiority over Iraq for Extraction from Joint Field

TEHRAN, Aug 30 (Shana) – Operator of Yadavaran Oilfield Development Project Hadi Nazarpour says Iran daily extracts 100,000 bpd oil from the field, which supersedes that of Iraq.

Nazarpour made the remark in a joint meeting with senior directors of Iran's Petroleum Engineering and Development Company (PEDEC) and operators of the PEDEC development projects on the sidelines of the visit of the Managing Director of National Iranian Oil Company (NIOC) to operation zones west of Karoon.

Nazarpour said early production from Yadavaran field started with 20,000 barrels in February 2011.

In the first phase of the field's development it should have yielded 85,000 bpd but now 100,000 bpd is extracted from it, which is 15,000 bpd more than the target set for the first phase. So, Iran is ahead of Iraq in terms of oil extraction from the field.

Including early production from Yadavaran oilfield, more than 54 million barrels have been extracted from the field, according to the official. 

Commenting on the new model of oil contracts, Nazarpour said as driving force in economic development of the country under present conditions, oil needs presence of foreign investors. He said the new model of oil contracts can serve as a basis for import of capital and eventually expediting development of prioritized and joint fields.

Nazarpour referred to transfer of technology, exchange of technical know-how and further exploitation of domestic potential are among positive outcome of the international engagement.

News Code 268104

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