Iran Moves Forward with Reshadat Offshore Oil Field Plans

TEHRAN (Dow Jones Newswires), August 20, 2008

Iran's plans for the development of its offshore Reshadat oil field will move ahead next week with the installation of the first leg of a new rig, the oil ministry's official Shana Web site reported Wednesday.

The platform's leg will be installed on August 25, said Ali Khouei, head of the Reshadat oil field development, according to Shana.

Khouei said development of the Reshadat oil field, which currently produces more than 5,000 barrels a day of crude, will result in a production increase to 80,000 barrels a day, Shana reported.

The Reshadat oil field first came on stream in 1969 but was severely damaged in 1986 due to the Iran-Iraq war, Shana reported. 

Copyright (c) 2008 Dow Jones & Company, Inc.