Iranian oil production falls at key oil field
Low extraction pressure has caused a drop in oil production at Agha-Jari, long-considered one of Iran's most important fields, Iranian newspapers reported Saturday, quoting a high official in Iran's oil ministry.
"Because of a loss of pressure in the wells, production capacity at the Agha-Jari oil fields has declined to around 200,000 barrels per day (bpd) as opposed to one million bpd in previous years," said Mir Moezi, assistant director of the Iranian National Oil Company.
So far, low pressure has affected 161 wells at Agha-Jari, and if nothing is done, Moezi warns, production will continue to decline.
Over time, the field has produced an estimated nine billion barrels of oil, and one million barrels per day annually for the last 26 years.
INOC officials suggest that gas injections to the wells could reverse the downwards trend. "If we inject gas in the wells, we hope to produce another 1.2 billion barrels before closing the field," said Moezi.
For the coming year, Iran is predicting oil revenues of $22.8 billion. The projections are based on an estimated oil price of $20 per barrel.
Iran, the second largest oil exporting country in the world, produces 3.7 million bpd, more than half of which are exported.—AFP.
©--Agence France Presse.
© 2000 Mena Report (www.menareport.com)