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NIOC, Iranian consortium to develop Darkhovin oilfield
17 August 2011: The National Iranian Oil Company (NIOC) and a consortium of Iranian companies signed a $1.6 billion (approx Rs 7,088 crore) contract to develop the third phase of the Darkhovin oilfield.
The third phase of the oilfield is projected to produce daily 71,000 barrels of crude oil. The first two phases of the project are now operational, and the oilfield is currently producing 160,000 barrels of oil per day. The first phase became operational in 2005, and the second phase came on stream in February 2011. The Darkhovin oilfield, located in the southwestern province of Khuzestan, was discovered in 1965. The in-place oil reserves of the oilfield have been estimated at over five billion barrels.
Source: zawya