Ferdowsi field to boost Iran’s oil output

Iran will begin crude production in its Ferdowsi oilfield, the biggest extra heavy oilfield in the Middle East, as part of the Fifth Five-Year Economic Development Plan (2010-15), an Iranian official says.

National Iranian Oil Company’s (NIOC) corporate planning manager Abdol-Mohammad Delparish said at present the descriptive studies to develop the oilfield have been completed, adding that the development of the oilfield, which is located in the Persian Gulf, requires huge investments, Mehr news agency reported on Wednesday.

Delparish further said that development of extra heavy onshore oilfields such as Kooh-e Mond and Zagheh in Bushehr province is on the NIOC’s agenda.

Earlier, Managing Director of the National Iranian Offshore Oil Company (NIOOC) Mahmoud Zirakchiyanzade said that Iran would sign a contract with foreign firms on developing its Esfandiar offshore oilfield.

“Negotiations are underway with these companies and the contract will be inked this year (current Iranian year started March 21),” Zirakchiyanzade said.

Iran is the world’s fourth-largest oil producer and sits on the world’s second largest natural gas reserves.