Iran Launches Project to Boost Output of Cheshmeh Khosh Oilfield
Iranian Oil Minister Javad Owji inaugurated the project via videoconference aimed at boosting the oilfield’s cumulative production to nearly 167 million barrels.
The oilfield is located in the Southern parts of Ilam province and Northwest of Khuzestan province. The field, along with Dalpari and East Paydar fields, is among the fields operated by the West Oil and Gas Production Company (WOGPC) – an affiliate of the National Iranian Oil Company (NIOC) – and was put into operation in 2011.
Following the introduction of NIOC’s new generation of contracts titled Iran Petroleum Contract (IPC), a 10-year contract was awarded to Iran’s Iran Ofoq Industrial Development Company (IOID) and Kayson as well as Russian company ZN Vostok (ZNV) aimed at improving recovery, increasing output, and boosting cumulative production in Cheshmeh Khosh, Dalpari, and East Paydar fields.
The strategic project was delivered to the Petroleum Engineering and Development Company (PEDEC), the main arm of NIOC dealing with the development of onshore oil fields.
The project was signed in February 2019 and started after going through legal procedures and obtaining necessary permits from the Supreme Economic Council in 2019.
Iran regained its position as the third biggest crude oil producer in the Organization of the Petroleum Exporting Countries (OPEC) with production of over three million barrels of oil in November.
According to the OPEC’s latest report, Iran produced 3.128 million bpd of crude oil in November, registering a 7,000 bpd increase compared to the previous month.
It added that based on secondary sources, Iran produced 3.121 million bpd of crude oil in October.
The Islamic Republic’s average crude output for the third quarter of 2023 stood at 3.003 million bpd indicating a 35,000 bpd increase compared to the figure for the second quarter of the year.
The report put the average Iranian crude output for 2022 at 2.554 million bpd, while the average output in 2021 was 2.392 million bpd.
These figures showed that Iran has maintained its place as the third-largest oil producer among the OPEC members.
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