Iran plans to boost output at joint oilfield with Saudis

Tehran Times -- Iran plans to increase production at the Forouzan oilfield, which is shared with Saudi Arabia, by 40 percent by the end of the next calendar year (March 20, 2013), Iran Offshore Oil Company (IOOC) managing director said.

“Some 100 kilometers seabed pipeline has been laid and related platform will be installed in the middle of the next year,” Mahmoud Zirakchianzadeh added.

Forouzan development plan is aimed at extracting 300 million barrels of oil in a 25-year period.

Iran will also sign a contract with foreign firms on developing its Esfandiar offshore oilfield, which is associated with Saudi Arabia, Zirakchiyanzadeh said.

The official added that currently several international companies have expressed readiness to finance the field, the Mehr news agency reported in September.

“Negotiations are underway with these companies and a contract will be inked this year,” he noted.

He further explained that the country needs some 400 million euros to develop the oilfield.

Iran has attached the priority on boosting gas production capacity from its joint oilfields with Qatar and Saudi Arabia, Oil Minster Rostam Qasemi said.

Iran sits on the world's second largest natural gas reserves after Russia and is trying to grow its gas production by increasing foreign and domestic investments, especially in its South Pars gas field.

The field is shared by Iran and Qatar. The Iranian share, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of the total world reserves, and more than 18 billion barrels of liquefied natural gas resources.