Iran to Extract Oil from Field Shared with Saudi Arabia

 Iran to Extract Oil from Field Shared with Saudi Arabia
News code : ۱۲۶۸۶۹۶

An Iranian official unveiled plans for the development of an oilfield that straddles the maritime border with Saudi Arabia in the Persian Gulf within the next three years.

The Iranian Oil Ministry official said on Saturday that a contract will be awarded for the first phase of development works at Esfandiar oilfield, which is connected to Saudi Arabia’s Lulu oilfield, in the very near future.

Alireza Mehdizadeh, who leads the Iranian Offshore Oil Company, said that a drilling rig and four production wells have been planned for the first phase of a development project in Esfandiar which is located 95 kilometers to the southwest of the Iranian island of Khark and is estimated to have more than 500 million barrels of oil.

“The fluid mixture produced in the oilfield will be processed in the nearby Abuzar oilfield before it is transferred to Khark Island,” Mehdizadeh said, Press TV reported.

He said Iran also plans to drill an exploration well in Esfandiar to obtain more information about the structure of the oil reservoir and to have a better analysis of the next phases of the development project in the field.

Iran has mobilized its domestic resources to develop oilfields that are shared with neighboring countries as restrictions imposed on the country’s petroleum sector because American sanctions have dissuaded foreign firms from investing in major oil and gas projects.