The reservoir advisor committee at the National Iranian Oil Co. (NIOC) has reviewed possible scenarios for enhancing production at Iran's South Pars oil layer.
Iran started pumping oil from the oil layer of South Pars gas field (in the Persian Gulf). Production from seven oil wells in the complex began and should reach a net peak capacity of 35,000b/d in about a week.
Iran's oil exports have reached the pre-sanctions level and its oil revenues will reach $45b to $50b in the Iranian year to March 2018, if prices remain at $55 per barrel.
French oil major Total plans to make a final investment decision (FID) on a $2b gas project in Iran by the summer, but the decision hinges on the renewal of US sanctions waivers.