Iran's local oil and gas industry have already taken advantage of new opportunities after the sanctions lift, Iranian President Hassan Rouhani was reported as saying by international news reports on Sunday.
“In the post-sanction era, many said it would take years before Iran’s oil production could reach 2 million barrels a day. But within a few months, the hardworking managers and engineers in the oil industry worked miracles and returned the country’s production to the level before sanctions were imposed,” Rouhani was quoted as saying.
The combined output of the fields in West Karoun in southwestern Iran had increased to 300,000 barrels of oil per day (bpd) from 65,000, he said. He added the production potential of the area could reach 1 million bpd, but this would require $18 billion in investment.
The West Karoun oilfields, located in the oil-rich Khuzestan province, include the Yadavaran, North Azadegan, South Azadegan, North Yaran and South Yaran fields.
Rouhani inaugurated the first phase of development for the Yadavaran oilfield on Sunday, with initial production from the field reaching 115,000 bpd. Development of the field is reported to have cost $3 billion.
The Iranian president also inaugurated the first phases of developing the North Azadegan and North Yaran oilfields, via video-conferencing. The first development phases of North Azadegan and North Yaran fields are reported to have come on stream at a cost of $2.55 billion and $600 million, respectively.
By Sibel Akbay
Anadolu Agency
sibel.akbay@aa.com.tr