Iran’s president stated that Oil extraction from Hengam oilfield reached up to 45,000 barrels per day

Iran’s president stated that Oil extraction from Hengam oilfield reached up to 45,000 barrels per day and said: “Qeshm will be an island of gas and oil.”
Mahmoud Ahmadinejad pointed out the details of the four projects inaugurated yesterday in Hormozgan province of Iran and further added: “The project of expanding Hengam oilfield which is a great project of its type and contains various aspects, is a unique project.”

Ahmadinejad noted that “the oil produced at Hengam oilfield is very fine and of high quality and with regard to its density, the exploited oil is a liquid between gasoil and gasoline while it is also very advantageous for the country.” He held that “Iranian experts have dug wells and established installations in the heart of Hormoz Strait in order to exploit the oilfield and thus 30,000 barrels of oil will be produced per day during the process.”

Ahmadinejad indicated that the capacity utilization in petroleum extraction from Hengam oilfield has reportedly been 45,000 barrels per day and said: “For the first time ever, gas and oil will be transferred cojointly from Hengam oilfield to Qeshm and then to a refinery plant in Bandar Abbas through a pipeline below the seabed.”

He said: “Presently the gas transferred to Bandarabbas refinery plant burns off, however, according to estimations, the 3 million cubic meter will return to the cycle over the next 20 months, once gas refinery installations start operating.”

Elsewhere in his remarks, Ahmadinejad added: “Qeshm will soon turn into one of the biggest islands of oil and gas in the country.”

According to the president, $720 million that is 760 billion rials have been invested to upgrade Hengam oilfield.

President Ahmadinejad finally noted that “2,200 billion rials has been spent on the 4 aforementioned projects in Hormozgan.