TotalFinalElf Brings Balal Field Onstream
Production has commenced from the Balan field located offshore Iran approximately 62 miles south of Lavan Island. The field is currently producing at a rate of 20,000 barrels per day from two wells and is expected to increase to 40,000 barrels per day when the eight remaining wells come onstream within the next year.
According to MENA, the Balal oil field is developed under a three-year buy-back contract, which provides for the recovery of investments and remuneration through a portion of the field's production. The deal was signed in 1999 with an international joint venture, held 46.75 percent by TotalFinaElf, 38.25 percent by ENI and 15 percent by Bow Valley.