The major development plan for the Tosan oil field in southern Iran has been finalized and submitted to the Iranian Offshore Oil Company (IOOC).
The plan was finalized by Iranian experts at the Research Institute of Petroleum Industry, IRNA reported on Friday.
Managing director of the IOOC, Mahmoud Zirakchianzadeh, said on July 16 that oil production from the field is projected to reach 25,000 barrels per day (bpd), though an agreement had been reached with the contractor for the production of 7,000-10,000 bpd in the first stage.
He added that the IOOC and the Khatam al-Owsia Headquarters had cut a USD 450-million deal for the development of the Tosan oil field.
Zirakchianzadeh further noted that the development of the oil field will be completed in 36 months under a buyback contract signed between the IOOC and the Khatam al-Owsia Headquarters, with Sazeh Company being in charge of designing the project.
Located southeast of Qeshm Island in the Persian Gulf, in-place reserves of the Tosan oil field have been estimated at about 411 million barrels. Recoverable reserves have been put at 53-70 million barrels before and 107 million barrels after water injection.
Republished from: Press TV