Noureddin Shahnazizadeh, the managing director of Petroleum Engineering and Development Company (PEDEC), told Shana that the boost will be made possible in two phases by which production will increase by 25,000 b/d in the first phase and 40,000 b/d in the second phase.

The PEDEC chief said the contract to develop the field will be signed by this calendar yearend (March 20), adding that representatives of 14 companies have recently visited the field's development operations in West Karoon region and have learned about the latest progress in the project.

"After the visit, the interested companies were allowed to form a consortium with domestic companies to develop the field," he added.

Countdown begins for Crude Production from South Yaran

Shahnazizadeh further added that South Yaran Development Project will also be ceded to a developer under a contract which will be signed before the end of this calendar year.

National Iranian Oil Company (NIOC) and Persia Oil And Gas Industry Development Company signed a heads of agreement (HOA) last October for developing the field.

He said production of crude oil from the field will begin this year, adding early production from the field will begin by November.

The field is being developed for production of 10,000 b/d in its early production phase and 25,000 b/d by the end of the year.

The official also said that development of Yadavaran oilfield, which currently produces 115,000 b/d, is being considered by PEDEC and will also be developed under the newly-devised model of oil contracts.