French oil group TotalFinaElf announced the start-up of oil production from the Iranian Balal offshore field near Iran's Lavan Island, in the Persian Gulf. The Group is the operator of the field under a buy-back contract signed with state-owned National Iranian Oil Company (NIOC) in April 1999.
Total has a 46.75 percent interest in partnership with Eni, with 38.25 percent and Bow Valley, which holds a 15 percent interest in the field. Presently, three additional producer wells are being drilled. They are expected to enter production by the end of the first half of 2003.
Production started in January at a daily rate of approximately 20,000 barrels coming from two wells. It is exported from the offshore platform using facilities operated by the NIOC, specifically a subsea pipeline and processing facilities on Lavan Island. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
