China's Sinopec to develop Yadavaran oilfield

According to Mehr News Agency, Hadi Nazarpour described the latest status of Yadavaran development project and said, "A daily average of 100,000 barrels of oil are currently being produced from the joint field."

He underlined that Iraq begun production at Yadavaran four months ago, asserting, "Since the launch of production, Iran has managed to recover a total of 53 million barrels of oil from the field shared with the neighboring country."

The contract to develop Yadavaran was inked in 2008 with China Petroleum and Chemical Corporation (Sinopec), said the official noting, "Three development phases were envisaged for the joint oilfield with the first and second phases aiming to increase output to 58,000 and 180,000 barrels per day, respectively."

Nazarpour said new estimates have revealed that the in-situ oil reserves in Yadavaran stand at 31 billion barrels against the earlier estimate of 12 billion barrels. "The new figure has led to the possibility of defining phases 4 and 5 of the development plans for the joint field."

Touching upon the latest status of talks with Sinopec on the development of Phase 2 of Yadavaran, he added, "For the time being, the Major Development Plan (MDP) has been finalized and the Chinese firm will implement the project."

He stressed, "The second phase aims to increase production to 180,000 barrels per day once it becomes operational in the next four years."

He said Iran expects to extract 35,000 barrels of crude oil from west Karoun oilfields before the end of the incumbent administration's tenure.

 

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