Iran announces joint Saudi oil field project in the Gulf

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Iranian authorities announced on Saturday the installation of a housing platform in the joint oil field it shares with Saudi Arabia in Gulf waters.

Abu Al-Qasim Khadbaksh, the official for developing the Forouzan oil field at the Iranian Continental Shelf Company, said: “The weight of the new platform that was installed today is 680 tons,” noting that “the installation process took place in the early hours of the day against the background of preparing the necessary conditions and infrastructure by specialists.”

According to the official, “13 oil wells will be drilled within the framework of the development of the Forouzan field, and that is among 33 Projects on the agenda of the Ministry of Oil to stabilise and increase oil production.”

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Khadbakhshi explained: “The first stage of developing the field began about three months ago, and aims to maintain and stabilise the actual production and thus increase the field’s production capacity by 12,000 barrels per day.”

Last month, Iranian authorities announced preparations to install a marine housing platform in the Forouzan oil field, indicating that the 4-floor floating marine platform had been shipped to the joint maritime zone with Saudi Arabia in the Gulf from the Iranian city of Bushehr.

The Forouzan field is shared with the Saudi Marjan field and is located approximately 100 kilometres from the south of the Iranian island of Kharg. Iran’s share in the joint field is 11per cent while Saudi Arabia owns 89 per cent. The oil fields are some of the oldest oil and gas fields in the Gulf region. The Forouzan was discovered in 1966 and the Marjan, a year later.

The latest state of Iran’s extraction from the Forouzan oil field, according to a research paper published this year by the University of Kashan, is about 40,000 barrels per day, while the Saudi company Aramco which owns the Marjan, extracts over 405,000 barrels of crude oil per day from its part of the field.

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