Iran Eyes Further West Karun Gains

Iran is continuing to make strides in developing its oil and gas sector whilst showing little sign of curbing output growth as part of any coherent Opec strategy.

Iran officially inaugurated phase one of three key ‘West Karun’ fields on 13 November – Yadavaran, North Azadegan and North Yaran. Production from the cluster has now hit 260,000 b/d NIOC Managing Director Ali Kardor says. Oil Minister Bijan Zanganeh said at the inauguration that plans to increase this to 1mn b/d require $18bn investment.

But plans to launch a new West Karun heavy oil stream (24°API) have been delayed from H2 2016, as they require construction of a new export terminal on Kharg Island to enable the separation of the new crude stream. NIOC hopes construction will be completed by year-end. (CONTINUED - 782 WORDS)

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table NIOC Post-Sanctions Upstream Agreements With Foreign Firms