Extended in a 65 square kilometer area, the shared oil field is located west of Iran with in place oil reserves of 1.1 billion barrels.
Development contact of the northern part of the field named Northern Yaran was signed December last year between the Oil Engineering and Development Company (PEDEC) and Persia Energy Company.
Development plan of Southern Yaran is aimed at production of 20 to 25 thousand barrels of oil per day while early production is estimated at 10 to 15 thousand barrels of oil per day.
Also development contact of Kish gas field will be signed today. The gas field located in Kish Island in Persian Gulf waters is the biggest independent gas field of the country.
Gas reserves of the field are estimated at 50 trillion cubic feet trapped in a reservoir in 4.4oo meters depth. The value of the field's gas reserves is estimated at 300 billion dollars.
Development contract of the field's first phase was signed last March between PEDEC on the one hand and an Iranian consortium comprising of Nardis, Farab and Namvaran companies on the other hand.
Kish gas field is expected to be developed in six phases.