Iran looks to develop joint venture oilfields

06 August 2014

Islamic Republic looks to boost output of two fields in the Gulf it shares with Oman and Saudi Arabia

Iran has said that it wants to work with neighbouring Oman and Saudi Arabia to develop offshore oilfields that the countries have share ownership of.

Projects are under way at the Forouzan and Hengam fields that aim to significantly increase production. Forouzan is shared with Saudi Arabia and plans are already on course to increase production to 100,000 barrels a day (b/d) by 2015, as well as add 250 million cubic feet a day (cf/d) of gas

The field currently produces between 20,000 b/d and 40,000 b/d. Production at Forouzan peaked at 180,000 b/d in 1978. The increase in production is not expected to add any wells and will instead use enhanced oil recovery (EOR).

Hengam is 70 kilometres off Iran’s coast and is shared with Oman. The field started production of 4,000 b/d in 2011.

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