Thursday, 26 August 2010

Iran begins oil production from Hengam field

Iranian oil minister, Seyed Masoud Mir-Kazzemi, has inaugurated Hengam oil field in Qeshm free zone. The ceremony was followed by a first phase production operation to generate 10,000 b/d.

During the inauguration ceremony Managing Director of Iran Offshore Oil Company, Mahmoud Zirakianzadeh, said that the Hengam oil field project is a joint venture with Oman, and added that oil from the field is of particularly high quality.

Kazzemi said that 80 per cent of the oil field is located in Iranian waters, with the remainder 20 per cent in Oman waters. In the next two months, production levels are expected to increase to 16,000 b/d and eventually to 30,000 b/d. The Hengam oil field is located along the maritime border with Oman, and is estimate to hold up to 600 million barrels of oil reserves.

Source: Fars News Agency

For more news and expert analysis about Iran, please see Iran Strategic Focus.

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