Iran is to boost its crude oil production capacity by 160,000b/d following the completion of expansion projects at its North Azadegan and Yadavaran oilfields in south-western Iran, Reuters reported. The two oilfields, developed by China’s Sinopec and China National Petroleum Corp (CNPC), are operational to be inaugurated after the February parliamentary elections, according to Iran’s Petroleum Engineering and Development Company (PEDEC).
North Azadegan has total reserves of 5.7b barrels of crude and can produce 75,000b/d, while Yadavaran is aiming for a 85,000b/d output from the 31b barrels of light and heavy crude oil reservoir. The gas section of Yadavaran oil field is waiting for LNG facilities to become productive. Iran also expects crude production at its North Yaran oil field to reach 30,000b/d by March 2017, while South Azadegan’s production capacity will amount to 60,000b/d in the same time frame.
The rise in oil output announced by Tehran generates uncertainty and skepticism over looming deal among OPEC and non-OPEC countries to tackle the oil prices crisis by reducing oil production.