Bid & Tender
Iran to Recover Over Half Million Barrels of Oil by June

Date : Apr 10, 2017

Iran is expected to recover over half a million barrels per day of crude oil by late-June 2017, a senior Iranian oil official said.


Nouredding Shahnazizadeh, managing director of Petroleum Engineering and Development Company (PEDEC) said Iran's total crude oil production from South and North Azadegan, South and North Yatan, Yadavaran and Darkhowin oilfields will reach 500,000 barrels per day (bpd) during spring 2017.


Shahnazizadeh said production of oil from South Azadegan oilfield will reach 110,000 bpd at its pre-startup phase.


Iran has been ramping up production and overall revamping its oil and gas industry since international sanctions against the country were lifted a year ago in a nuclear deal. Many international countries including France’s Total have signed initial agreements to invest in and develop Iran’s energy infrastructure.


Although Iran’s oil exports grew in recent months, the resource was not from new production but from floating oil and gas tankers. Last week, Iranian oil ministry said the country had sold all the stored hydrocarbons, which is why it will need to speed up new production to maintain revenues.


PEDEC’s Shahnazizadeh said production of oil from South Yaran will reach 10,000 bpd by June, while production at North Azadegan, Yadavaran, North Yaran and Darkhowin will respectively reach 75,000 bpd, 110,000 bpd, 30,000bpd and 160,000 bpd by then.


West Karoon oilfields are also being developed for production of 1.2 mbd, Shahnazizadeh said.


Separately, Iranian President Hassan Rouhani said Iran will become a net exporter of petroleum by the end of the new calendar year which began on March 21.


Addressing a national conference on Economic Resilience and Rural Development on Saturday, President Rouhani said Iran has already become an exporter of gasoil and will become one in petrol trade in the current year.


He said this will be a major step in realisation of the Economic Resilience requirements, self-sufficiency and self-reliance in the country.