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Iran's Balal oil field inaugurated

Lavan, May 16, IRNA -- Development project of Balal oil field in Lavan Island, in the Persian Gulf, was officially inaugurated in the presence of First Vice-President Mohammad Reza Aref and Oil Minister Bijan Namdar Zanganeh on Sunday.

photo: ISNA

Zanganeh and a number of other officials of the Ministry as well as government spokesman Abdullah Ramezanzadeh are accompanying the vice-president during his one-day visit.

Balal offshore oil field is located 100 km southwest of Lavan Island in the Persian Gulf and near Iran's maritime border with Qatar.

photo: ISNA

Balal oil field is expected to produce up to 40,000 barrels of crude per day once it goes into operation.

National Iranian Oil Company (NIOC), French Elf, Canadian Bow Valley and Italian Agip are the contractors in the buy-back based project, contracts for implementation of which were signed in April 1999.

... Payvand News - 5/17/04 ... --

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