NewsCode : 182630 | Date: 9/5/2012 | Time: 8:20 PM | Service: Economy - Economy

Iran to raise Nargesi oil field output by 120 million barrels

Iran is to enhance recoverable oil from the onshore Nargesi Oil Field in the south of the country by 120 million barrels, National Iranian South Oil Company (NISOC) says.

NISOC announced in a report released on Sunday that the oil field would see its output rise after gas injection and associated gas gathering operations.

The $33 million recovery enhancement project has been commissioned to an Iranian contractor within the framework of an Engineering, Procurement and Construction (EPC) contract.

The field, discovered in 1974, is located 30 kilometers north of the city of Borazjan in the southern Iranian Bushehr province.

NISOC is currently operating nearly 750 oil output preservation projects, 12 of which are scheduled to come on-stream by the end of the current Iranian calendar year in March 2013.

NISOC, a subsidiary of the state-run National Iranian Oil Company (NIOC), accounts for three million barrels per day of crude oil.
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