Project on boosting production at Hengam field opened in Iran
By Aynur Jafarova
Iranian President Mahmoud Ahmadinejad has inaugurated the project which envisaged the increase of production at the Hengam field from 16,000 to 30,000 barrels per day, IRINN TV channel reported on July 11.
Iran says it would increase the oil output capacity to 45,000 barrel per day in this field until March 2014.
The estimated reserves of the Hengam field are 700 million barrels of crude oil and two trillion cubic feet of natural gas. Some $450 million had been invested in the first phase of field development.
Managing director of the National Iranian Offshore Oil Company Mahmoud Zirakchianzadeh said that at present Iran produces some 22,000 barrels of oil per day from this field.
In April 2012, Zirakchianzadeh said Iran had launched projects to develop four oil fields located in the Persian Gulf and raise the total output by 100,000 barrels per day in the current calendar year.
According to him, this year Iran plans to boost output at the Reshadat, Forouzan, Hengam and Hendijan fields by 100,000 barrels per day.
Earlier, Iranian Oil Minister Rostam Qasemi said that the country's oil output is projected to increase by 1.5 million barrels per day by 2016.
According to the monthly report of the International Energy Agency, imports of the Iranian crude by consumers fell from 1.25 million in May to 800,000 barrels a day in June.
The international sanctions against Iran over its nuclear program covering the financial, trade, energy and transport sectors have led to the economic downturn.The U.S. and its allies are restricting Iran's oil exports, the country's largest revenue source, and targeting its financial industry.