TEHRAN (PIN) -- Development of Foruzan oilfield in cooperation with Saudi Arabia aimed at replacing the existing platforms has entered a new phase.
The project, aiming to develop Foruzan-Esfandiar oilfields is the subject of a contract to be offered by Iranian Offshore Oil Co.
The development of the joint Iranian-Saudi oilfield is considered a major oil project in the region, reports presstv.com.
The Saudi Arabian Oil Company, Aramco, in cooperation with the American McDermott Co, has been working on the development of Marjan Oilfield for quite a while.
Meanwhile, development of the Iranian part of the joint oil reserve, called Foruzan oilfield, is due to get underway after the government's allocation of the required fund.
The project targets to boost oil production from Foruzan oilfield by 65 barrels per day (bpd) and 4,000 bpd at Esfandiar oilfield.
Output from Foruzan oilfield had been initially predicted to be at around 100 millions barrels over a period of 25 years.
Petroleum Engineering Development Co. (PEDEC) is the contractor of the project.
Once the required budget is given, the output of Foruzan oilfield is expected to rise by 243 million barrels and hit a total of 343 million barrels.
© Tehran Times 2007
