A crude carrier is loading oil at Hangam oil field in southern Iran. (file photo)
Iranâ„¢s outgoing President Mahmoud Ahmadinejad is set to inaugurate a project aimed at enhancing the daily production of Hangam offshore oil field by 30,000 barrels.
The enhanced recovery project in Hangam oil field which Iran shares with Oman will be inaugurated on Thursday.
The field can also produce 80 million cubic feet (mcf) per day of gas, which could double.
Hangam is estimated to hold more than 700 million barrels of oil and 2 tcf of natural gas in place. Located in the strategic Strait of Hormuz, the field is 80 percent owned by Iran.
The field is administered by Iranian Offshore Oil Company (IOOC).
Iran shares oil and gas fields with most of its neighbors, including Iraq, Kuwait, Qatar as well as Oman and Turkmenistan.
With 137.6 billion barrels of proven reserves, Iran has the world’s fourth largest oil reserves, and the second largest gas reserves, estimated at 29.61 tcm.
KA/HGH
Republished with permission from: Press TV