Iran to pump more oil at joint fields

Iran plans to pump more crude from three oil fields shared with Oman, the United Arab Emirates (UAE) and Saudi Arabia in the Persian Gulf, an Iranian energy official says.

The oil-rich country is scheduled to increase its oil production of the fields by 30,000 barrels per day or 20 percent, Mahmoud Zirakchianzadeh, managing director of Iran’s Offshore Oil Company (IOOC), told Mehr news agency on Sunday.

He said that some 400 million euros have been allocated for the development of Esfandiar oil field, which Iran shares with Saudi Arabia.

“Oil output of Salman and Forouzan oil fields will increase by 10,000 barrels per day,” Zirakchianzadeh said.

Iran also shares its Salman and Forouzan oil fields with the UAE and Oman, respectively.

Last week, Iran began pumping oil from the Hengam oilfield, shared with neighboring Oman in the Persian Gulf.

“The field is to produce 10,000 barrels per day of the finest and lightest of Iranian crude in the first phase, but its production level will reach 16,000 barrels in two months,” IRNA quoted Iranian Oil Minister Massoud Mirkazemi as saying on Tuesday.

He said Iran’s oil ministry invested around $400 million in a record time of two years to develop the project.

The Hengam oilfield is located along the maritime border with Oman. Tehran said the field is estimated to hold nearly 600 million barrels of oil.

All aspects of the project, including field studies, design, construction and installing of machinery and pipelines have been carried out by Iranian contractors without any foreign aid.

Energy officials in Tehran said in July that as much as 35 percent of the energy development budget in Iran will go toward the development of joint oil fields.

Iran shares oil fields with most of its neighbors in the Persian Gulf region as well as Turkmenistan.