Off the wire
• Feature: Recent nursing home innovations mean better senior care for Texans  • 1st LD: Exit polls show Socialist-backed candidate wins presidential runoff in Bulgaria  • 1st LD: Two deaths reported, tsunami warning after New Zealand earthquake  • Tehran's schools, kindergartens close due to air pollution  • Urgent: Exit polls show Socialist-backed candidate wins presidential runoff in Bulgaria  • UNWTO pledges to communicate Sudan's tourism potential  • Spotlight: Al-Raqqa operation continues amid Ankara's distrust of Washington and possible Turkish-Syrian Kurds clashes  • UAE VP, WEF chairman meet to discuss technology advances  • Iran expects leap in foreign investments  • Rwanda pushes for extradition of more genocide fugitives  
You are here: 　 Home

Iran begins production of oil in Khuzestan region

Xinhua, November 14, 2016 Adjust font size:

Iran's President Hassan Rouhani on Sunday inaugurated the production of oil from three fields in the country's southwestern Khuzestan province, Press TV reported.

To develop Yadavaran oil field, Iran had a three-billion-U.S.-dollar contract with China's Sinopec.

Also, the developments of North Azadegan and North Yaran oil fields had been awarded to the China National Petroleum Company (CNPC) and to Iran's Persia Oil and Gas Development Company through the contracts worth 2.5 billion U.S. dollars and 0.6 billion U.S. dollars respectively.

According to the report, production from Yadavaran currently stands 115,000 barrels per day (bpd), and from North Yaran stands at 30,000 bpd. North Azadegan is presently producing 85,000 bpd of oil.

Iranian Petroleum Ministry plans to increase production from the fields in Khuzestan to above one million barrels per day.

Iran needs a total investment of at least 18 billion U.S. dollars to develop all the fields in the region, Rouhani said at the opening ceremony on Sunday.

Iran is also in need of latest technologies to guarantee increased oil recovery at the fields, he said, adding that more work still needs to be done to further increase the country's production of crude oil. Endit