Azerbaijan, Baku, May.5 / Trend R.Zamanov/
The production of Iran's Sarvestan and Sa'adatabad oilfields, located in the southern province of Fars, currently stands at 15,000 barrels per day, Mehdi Fakour, the managing director of Iran Central Oil Fields Company (NIOFC) said on Sunday.
The produced oil is refined at the Shiraz oil refinery, the IRNA News Agency quoted Fakour as saying.
Iran currently earns $1.5 million per day in revenues from the two mentioned fields.
He went on to note that the oil, extracted from Sarvestan and Sa'adatabad fields, is suitable for producing gasoline.
The two oilfields were inaugurated in February. The Sarvestan field is located 150 kilometers southeast of the city of Shiraz. Twenty kilometers to the north of Sarvestan is located Sa'adatabad oilfield. Covering an area of 242 square kilometers, both fields are estimated to hold 1.402 billion barrels of in-place oil.
Fakour said on April 19 that the company daily produced 264 million cubic meters of gas in the previous Iranian calendar year (which ended March 20), showing one million cubic meters increase compared to its preceding year.
The Iran Central Oil Fields Company supervises all upstream activities in the central oil and gas regions of the country. With 43 gas fields and 25 oilfields, it is considered the country's largest gas producer company.
Iran sits on the world's second largest natural gas reserves after Russia and is trying to grow its gas production by increasing foreign and domestic investments, especially in its South Pars gas field.
Iran's total in-place oil reserves have been estimated to be more than 560 billion barrels with about 140 billion barrels of recoverable oil.
Moreover, heavy and extra-heavy varieties of crude oil account for roughly 70-100 billion barrels of the total reserves.
