Iran set to Increase Oil Recovery from Forouzan Oilfield

Hamid Bovard said his company, which operates offshore oil fields for Iran, has plans to launch projects that will add a total of 110,000 barrels of crude oil and 300 mcf of natural gas to the country’s daily production capacity. 

He said a total of 2 billion dollars will be needed for financing the projects. 

The IOOC chief also said that most of the projects are aimed at stabilizing production level of fields and will be developed under EPCF contracts. 

Iran started loading of a living quarter platform’s jacket destined for Forouzan offshore oilfield in Persian Gulf. Installation of the platform is scheduled to be complete by late September.

Loading of the 1,025-ton LQP jacket began at the yard of Naft Sazeh Qeshm Company in Qesham Island on Wednesday. 

The jacket’s topside will also be loaded from the coastal province of Bushehr in a short while.

Iran’s crude oil recovery from the field has reached 763 million barrels, 24% of the field’s total oil output.

Iran enjoys only 11% of the field but has so far recovered 24% of its total crude oil output.

Meanwhile, Saudi Arabia has recovered 2.360 billion barrels of crude oil from the field.

The Iranian Offshore Oil Company (IOOC) is currently recovering 38,000 b/d from the field, while Saudi Arabia is extracting only 190,000 b/d given its facilities to recover 400,000 b/d from the field.