Iranian companies may develop the Yadavaran Oilfield through utilizing domestic funds.
FARS News Agency cited Hosseinnejad as saying, "The necessary credit for the second phase development of Yadavaran oilfield is possible through domestic resources."
"The first phase of Yadavaran field is being developed by Chinese contractor Sinopec. Currently, 25,000 barrels per day (b/d) of oil is being produced from this field," Hosseinnejad said, the oil ministry’s website reported.
The first phase production from Yadavaran field would to reach 85,000 b/d in five months, Hosseinnejad added.
About 49 wells have been drilled in this Yadavaran field.
"Given huge oil reserves in place in Yadavaran field, the PEDEC intends to hire competent and qualified consultants for conducting geological and reservoir studies," Hosseinnejad continued.
The Yadavaran field’s second phase development would produce 180,000 b/d.
