Iranian Output to Increase

Iran’s oil ministry news agency announced that the North Azadegan and Yadavaran oil fields are operational and will be inaugurated after Feb 26th following parliamentary elections. The nation’s production capacity will be increased by 160,000 barrels per day when the two fields go on-line. North Azadegan can produce 75,000 bpd and Yadavaran can produce 85,000 bpd. In addition Yadavaran will produce natural gas once LNG facilities are completed. Previously China’s Sinopec and National Petroleum Corp. CNPC had operated the fields, but Iran terminated the contract in 2014.