Iran to start production at two joint oilfields in two months

Azerbaijan, Baku, Aug.24 / Trend F.Milad / Iranian Oil Minister Rostam Qasemi said that production at two joint oilfields will start within the next two months. The ISNA news agency quoted him as saying that all the joint oil and gas fields are already in operation except for the two fields. He did not name the two fields, but said that they are projected to produce one million barrels of oil. Iran is boosting its oil output by launching production operations in new oil fields and recovering production in other fields, according to officials. In situ and recoverable oil reserves of the field are estimated respectively 475 and 70 million barrels. Qasemi has ordered all the contractors of the South Pars gas field development projects to work round the clock in three shifts to complete development of all phases, especially the phases 12, 15, 16, 17 and 18. Iran has attached the priority on boosting gas production capacity from its joint fields with Qatar and Saudi Arabia, 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 South Pars gas 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. Do you have any feedback? Contact our journalist at agency@trend.az