National Iranian Oil Company (NIOC) has more than doubled an earlier reserves estimate at its Jofeir oilfield, which lies near the Iraqi border, following the drilling of a new oil well.
The state-run oil firm says that after analysing new3D seismography data, it has discovered an additional 750 million barrels of oil in the Fahilan oil formation within the field, in addition to the existing 600 million-barrel estimate.
NIOC says it expects the overall volume of the reservoir to rise to 1.35 billion barrels of oil with daily production to be lifted to 33,000 barrels-a-day (b/d) from the previous 25,000 b/d target.
The first 15,000 b/d increment is expected to begin flowing by March 2009, with the balance onstream by 2011.
Last year, Belarus was granted a long-term exploration deal for Jofeir as part of an expected partnership deal with Vietnam's Petrovietnam.