Tehran - Chinaˈs biggest refiner, Sinopec has promised to increase oil output from Iranˈs Yadavaran oil filed to 135,000 bpd in the near future, unconfirmed reports said.
The reports confirm that Sinopec has already doubled oil production from Yadavaran 25,000 bpd on April 2014 to 50,000 bpd this month.
Sinopec and Iran signed a 2 billion dollar agreement to develop the Yadavaran oil field in December 2007.
The Yadavaran deal obliges the Chinese company to invest in developing the oilfield in two phases, with the first phase producing 85,000 barrels per day within a four year period.
The second phase, to produce an additional 100,000 barrels per day, would be completed in another three years.
The Yadavaran field is expected to yield 300,000 barrels of oil per day. It has recoverable oil reserves of 3.2 billion barrels and recoverable gas reserves of 2.7 trillion cubic feet or 80 billion cubic meters.
Yadavaran oil field discovered by National Iranian Oil Company (NIOC) is located in Khuzestan province.
© IRNA 2014
