Azerbaijan, Baku, May.8/ Trend F.Karimov/
Iran will boost output at the Yadavaran oilfield, which is associated with Iraq, to 50,000 barrels per day from 20,000 bpd by the end of the current Iranian calendar year which started on March 21, the Mehr News Agency reported.
The first phase of the oilfield's development plan is complete by 70 percent, Mehr quoted Nader Qorbani, managing Director of Petroleum Engineering and Development Company, as saying.
He added that the oilfield's output is projected to reach 300,000 bpd in three phases.
Early production started in February 2012 from the oilfield. It is estimated to hold around 12 billion barrels of in-situ crude oil, some 12.5 trillion cubic feet of associated gases, as well as nearly 1.9 billion barrels of condensates.
Iran and the Chinese Sinopec signed a buyback contract in 2007 on the development of the Yadavaran oilfield.
Iran shares oil and gas fields with most of its neighbors, including Iraq, Kuwait, Qatar as well as Oman and Turkmenistan.
Based on studies, there are 23 joint hydrocarbon fields between Iran and Iraq which are divided into exploration, development and production categories.
The country's total in-place oil reserves have been estimated at more than 560 billion barrels, with about 140 billion barrels of extractable oil. Moreover, heavy and extra heavy varieties of crude oil account for roughly 70-100 billion barrels of the total reserves.
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