Iran Makes New Discovery at Foroozan Field

A new oil discovery has been made in the Foroozan field offshore Iran. The field is located in the Persian Gulf and has reserves estimated at 34 million barrels, according to a report from the Mehr news agency.

Farhad Rahimi, in charge of Foroozan-Esfandiar oil fields development plan, from state-owned Petroleum Engineering Development Co., said his company is presently studying details of the newly-discovered layer at the oil field to come up with solid results. If the dimensions of the oil layer are confirmed, Iran will be able to produce more than 34 million barrels of oil from it.

The Forouzan-Esfandiar oil fields, in the general vicinity of Iran's Khark island, northwest of the Persian Gulf waterway, are located on Iran-Saudi Arabia border. Their development, which began in early 2002 with the signing of a $585 million contract with state-owned Petro-Iran Co., was intended to raise production from the field around 40,000 to approximately 110,000 barrels per day.

Rahimi said already six wells in the Foroozan oil field have improved the previous production by around 20,000 b/d. He said plans are under way to raise the number of oil wells to 24. He added that seismic studies of the oil field have been completed.