Print Edition
TT On-The-Go
TT Feed
849
| Domestic consortium to invest $1.6b in Darkhovin oilfield |
|
 |
 |
 |
Font Size 
 TEHRAN – The National Iranian Oil Company (NIOC) and a consortium of Iranian companies signed a $1.6 billion contract to develop the third phase of the Darkhovin oilfield. The third phase of the oilfield is projected to daily produce 71,000 barrels of crude oil, the Mehr news agency reported. The first two phases of the project are now operational, and the oilfield is currently producing 160,000 barrels of oil per day. The first phase became operational in 2005, and the second phase came on stream in February 2011. Over $1.3 billion was invested in the second phase of the oilfield. The Darkhovin oilfield, located in the southwestern province of Khuzestan, was discovered in 1965. The in-place oil reserves of the oilfield have been estimated at over five billion barrels. The contract for development of Azar oilfield in southwest Iran will also be signed in two weeks. Some $2 billion will be invested in the field. The Azar joint oilfield is located at the Anaran block, west Iran, and its total reserves along with the Iraqi side, which is called Badra, is estimated to be 400 million barrels. Once the development plan is completed, the oilfield will produce 50,000-65,000 barrels of light crude per day for a period of 25 years. Iran is the world’s fourth-largest oil producer and is OPEC’s second-largest producer after Saudi Arabia. According to the latest studies, the country’s oil reserves have reached 150.31 billion barrels, which is roughly 10 percent of the world’s total proven petroleum reserves.
  Socialize this Subscribe to our RSS feed to stay in touch and receive all of TT updates right in your feed reader
|