TEHRAN – Iran exported the first cargo of crude oil to the tune of 700,000 barrels from the South Pars oil layer last week.

Hamid Bovard, the managing director of Iranian Offshore Oil Company (IOOC), made the remarks in a press conference on the sidelines of Iran Oil Show 2017 in Tehran.

The official said that 25,000 barrels of crude is extracted from the South Pars oil layer, located in the Persian Gulf, on a daily basis, IRNA reported on Monday.

“We are negotiating for the development project of the layer’s second phase,” Bovard added.

The director explained that oil recovery from this field was started on March 20, 2017 and a floating refinery is based at the field.

He further noted that the company has a short-term plan for increasing the country’s crude output from the Persian Gulf fields however a 20,000-barrel rise by the end of Iranian calendar month of Khordad (June 21, 2017) is easily reachable.

South Pars, a supergiant gas field Iran shares with Qatar in Persian Gulf waters, is estimated to contain over 14 billion barrels of oil in its oil layer. The field is also estimated to contain a significant amount of natural gas, accounting for about eight percent of the world’s reserves, and approximately 18 billion barrels of condensate. 

EF/MA