Iran to Boost Oil Output at Shared Hengam Field, Press TV Says

Iran will boost oil output to 30,000 barrels a day at the Hengam field that it shares with Oman after drilling a fourth well at the site, Press TV reported, citing Iranian Offshore Oil Co.’s managing director.

Authorities expect to complete the well within 10 days at Hengam, which currently produces 22,000 barrels a day, Mahmoud Zirakchianzadeh said, according to a report posted on the state- run news channel’s website yesterday.

Iran has invested about $450 million to develop the first phase of the field and has allocated $800 million for both planned phases of the project, Zirakchianzadeh said, without elaborating. Ten wells need to be operational for the field’s full development, he said. The Oil Ministry estimates that Hengam holds more than 700 million barrels of crude and 200 billion cubic feet of natural gas.

To contact the reporter on this story: Ladane Nasseri in Dubai at lnasseri@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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