Iran is looking to raise production capacity from joint fields with Iraq by more than 10% in the first quarter of the next fiscal year that begins in March, a senior oil official said, Financial Tribune reported.
The country shares several oilfields with its western Arab neighbor in an oil block known as West Karoun in southern Khuzestan Province.
According to Customs Today, the Islamic Republic aims to boost the nominal output capacity from the oil block by 40,000b/d from the present 320,000b/d, as informed by Petroleum Engineering and Development Company’s (PEDEC) Managing Director, Noureddine Shahnazizadeh.
Shahnazizadeh said: “By producing 15,000b/d from Azar Oilfield and raising production from South Azadegan field by 25,000b/d, we can ratchet up output from West Karoun fields to 360,000b/d.”
Government data show that actual output from the oil-rich region is below 300,000b/d, including 115,000b/d from Yadavaran field, 75,000b/d from North Azadegan and 30,000b/d from North Yaran.
West Karoun, Iran’s top priority for raising crude production to restore market share it lost to the international sanctions, includes Mansouri, Yaran, Yadavaran as well as North and South Azadegan joint fields. The block holds an estimated 67b barrels of oil in place.