Azernews.Az

Iran has prepared short and long term development plans for Forouzan oilfield, which is shared with Saudi Arabia, aiming to yield 100,000 barrels of crude oil and 250 million cubic meters of associated gas per day, Mehr news agency quoted Iranian Offshore Oil Company managing director Mahmoud Zirakchianzadeh as saying.

The field's daily output stands at 40,000 barrels at present, which will be increased to 100,000 bpd once the development plan is completed by the end of next spring (June 20, 2013).

In December 2012, ISNA news agency quoted the managing director of Petroiran Company Saeid Hafezi as saying that the development plan has progressed by 76 percent.

In November, ISNA quoted an official with the Iranian Offshore Oil Company (IOOC) Mohammad-Baqer Soleimani as saying that Iran plans to increase output at the Forouzan oilfield by the end of the current Iranian calendar year.

He added that once the development of the oilfield is completed, the field will yield some $10 million per day.

Iran has attached the priority on boosting gas production capacity from its joint oilfields with Qatar and Saudi Arabia, Oil Minister Rostam Qasemi said.

Iran sits on the world's second largest natural gas reserves after Russia and is trying to grow its gas production by increasing foreign and domestic investments, especially in its South Pars gas field.

The field is shared by Iran and Qatar. The Iranian share, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of the total world reserves, and more than 18 billion barrels of liquefied natural gas resources.