QESHM ISLAND, Iran – Iran has inaugurated the first phase of production from the Hengam oil field in the Persian Gulf.
According to petroleum minister Dr. Masoud Mirkazemi, quoted in a report by Iranian news agency Shana, the first phase of development incurred an investment of 3,500 billion rial, with a similar amount to be committed to the project’s second phase.
Hengam started up in May. Current output is 10,000 b/d of 43.5º API oil, rising to 16,000 b/d in October, with a long-term target of 30,000 b/d, according to the report.
Mirkazemi, who visited the field’s production complex on Qeshm Island last week, added that Iran had now issued contracts for development of all phases of the South Pars gas field in the Persian Gulf.
By next March, the petroleum ministry also expects to make a decision on other oil and gas fields in the Gulf that Iran shares with neighboring countries.
Production builds at Hengam off Iran