TEHRAN (PIN) -– The managing director of Iranian Central Oil Fields Company (ICOFC) announced that 18 contracts were signed on the development of southern Khesht oilfield.

Alireza Zeighami added engineering operations, seismographic and three-dimensional (3-D) measurements, supervision on seismographic operations, geophysical processing, civil operations, and drilling were some parts of measures included at the 18 contracts, which were valued at over 467 billion rials (50.5 million dollars) and some 66 million dollars and would last 26 months.

The executive operations of Khesht oilfield development plan kicked off in the presence of ranking officials in an area between Kazerun and Borazjan, central province of Fars, Saturday.

Khesht’s in place oil is 1.53 billion barrels, of which 270 million is derivable. The field has the capacity to produce 30 thousand barrels per day.