BAKU, Azerbaijan, May 11. Iran's Danan and Dehloran oil fields will be developed to produce an additional 60,000 barrels of crude oil per day, Trend reports.
The National Development Fund of Iran and the National Development Fund signed an MoU on the development of fields mentioned at the 23rd International Exhibition of Oil, Gas, Refining, and Petrochemicals, held in Tehran.
The memorandum of understanding calls for an investment of $1.1 billion in the development of the Danan and Dehloran oil fields.
Additionally, the Western Oil and Gas Production Company, which operates as part of the Central Oil Zones Company, owns the Danan oil field. Discovered in 2007, the Danan oil field started oil production in 2014. The Danan field has an oil production potential of 25,000 barrels per day.
Meanwhile, the Dehloran oil field (Abu Ghraib in Iraq), a joint oil field between Iran and Iraq, is located 22 km southwest of the Dehloran district of Ilam province in western Iran. Dehloran Field was discovered in 1972. This field has 4.21 billion barrels of crude oil. Reports indicate that this oil has the potential to produce 635 million barrels.
On May 10, Iran's National Oil Company and several companies signed eight memoranda of understanding worth $8 billion to develop 15 oil and gas fields.
According to the memoranda, the country's gas production will increase by 85 million cubic meters per day, and oil production will increase by 200,000 barrels per day.
Iran's total hydrocarbon reserves amount to 1.2 trillion barrels. Iran can produce 340 billion barrels of this gas using existing technological equipment. Iran can use about 30 percent, while 70 percent remains unused underground.
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