Iran starts early production from joint oil field with Iraq

Baku, Azerbaijan, Mar. 14 By Emil Ilgar – Trend: Iran started early oil production from Azer field on March 14, Shana reported. According to the report, the early output is 15,000 barrels per day (b/d) now and the figure would reach 30,000 b/d in spring. The final production capacity of the field would be 65,000 b/d, which is projected for 2018. Iran Oil Pension Fund Investment Co. (OPIC) and Oil Industries' Engineering & Construction Group OIEC are developing the project. Azer is a joint field betüeen Iran Iraq, with 2.5 billion barrels of in-situ reserves and 16 percent recovery rate.