Iran starts production on two new oilfields

oilfield3Iran ranks fourth worldwide with 155bn barrels of recoverable oil reserves. (Image source: David~O/Flickr)Production has officially started at the Sarvestan and Sa'adat Abad oilfields in central Iran, with both fields expected to add a total projected 15,000 bpd to the country's daily output

The fields started early production on 2 February 2013, according to the Shana News Agency, with both holding a combined estimated in-situ reserve of 1.4bn barrels of crude oil.

Ahmad Qalebani, managing director of the National Iranian Oil Company (NIOC), said, "The country's daily oil and gas outputs should amount to five million barrels and 1.47bn cubic metres by 2015."

The NIOC recently announced that it would implement 11 production plans across the country by 22 August 2013 with the goal of boosting Iranian oil production by 175,000 bpd. The plans are related to the first phases of the development plans of the Yadavaran, Sarvestan, Saadatabad, Hengam, Forouzan, Reshadat, Aban and Paydar oilfields.

After all the phases of the development plans have been implemented, output would be increased by 500,000 bpd, according to the NIOC.

Next to Venezuela, Saudi Arabia and Canada, Iran ranks fourth worldwide for recoverable oil reserves with an estimated 155bn barrels.

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