Wednesday 20 February 2008

Iran pumping oil from Azadegan




Iran has begun oil production from Azadegan, one of the world's largest onshore oil fields, a senior Iranian Oil Ministry official says. "Currently, 20,000 barrels of light and heavy oils are being produced per day from the field," Seifollah Jashnsaz, managing director of the National Iranian South Oil Company, stated. Located 80 km west of the southern Iranian city of Ahvaz in oil-rich Khuzestan province, Azadegan has proven oil reserves of 33 billion barrels and the capacity is forecast to increase to 40 billion barrels. The field is being developed by Petroiran Development Company, a subsidiary of the National Iranian Oil Company after Iran's partnership with Japanese firm Inpex collapsed in 2006. Iran, the world's fourth oil producer, aims to increase its output from the current over four million barrels per day (bpd) to 5.6 million bpd in seven years.

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