Oil

Yaran field is divided into North and South Yaran. having the capacity of two billion barrels of in-place oil reserves.

Iran'.s non-oil exports showed over 9 percent rise as compared with the last year'.s corresponding period.

Natural gas makes up 68% of the energy mix in Iran.

Iraq is already recovering 200 thousand barrels per day from South Yaran field which the two neighbors share.

The official expounded that the recovery factor in the two joint fields is intended to climb from the current 5.5 or 6 to approximately 20 per cent.

Manouchehri estimated that the first tender to develop South Azadegan oil field will be invited in the first quarter of 2017.

Russia'.s Lukoil and Malaysia'.s oil giant Pertamina are also conducting surveys on AbTeymour and Mansouri Oilfields.

Reuters reported. A two-rig rise in the oil rig count in the United States. the ninth weekly increase in a row. as reported by oilfield services provider Baker Hughes Inc. added to bearish sentiments.

Following implementation of JCPOA and lifting the sanctions last January. the international oil executives have started negotiations with Iran to partake in the oil industry.

Development activities are underway in a number of fields including Salman Nafti and Forouzan and preparatory works to increase output in the fields of Doroud and Abuzar.