Oil production starts at Iran's Yadavaran field

TEHRAN, Feb. 8 (MNA) - Iran began early production at the Yadavaran oilfield, which is associated with Iraq, Petroleum Engineering and Development Company managing director Naji Sadouni announced on Tuesday. Nine wells have been drilled in the oilfield, one of which has been put into operation, Sadouni said. “Production of oil from first well of the Yadavaran oilfield began today,” Sadouni told . The field is projected to produce 30,000 barrels of crude per day. The oilfield is estimated to hold around 12 billion barrels of in-situ crude oil, some 12.5 trillion cubic feet of associated gases, as well as nearly 1.9 billion barrels of condensates. Oil Minister Rostam Qasemi said in August 2011 that the government should draw up plans for the development of joint oilfields in the border areas with Iraq. The government should increase the budget for the development of joint oilfields, Qasemi added. The oil industry needs more than 500 trillion rials (about $41 billion) of investment to achieve objectives of the 20-Year Economic Outlook Plan (to end in 2025), Qasemi stated. By the end of the fifth development plan (2015), the country's oil production must increase to 5.2 million barrels per day (bpd) and this should happen from the country's joint fields, Qasemi noted.