Known as Paranj and Parsi, the oilfields are located in the southwestern Iranian province of Khuzestan, Ahmad Mohammadi said in an address to a ceremony to sign the contract for developing the fields, IRNA reported.

Gas injection into the Parsi oilfield began in the early 1990s, he said, expressing hope that the field’s development, which requires employing enhanced oil recovery technologies, would lead to increased extraction from it.

Mohammadi put the two oilfields’ in-place oil reserves at about 12 billion barrels, saying that once upon a time daily extraction from Parsi oilfield stood at 450,000 barrels.

At present, however, the two oilfields’ daily production amounts to 52,000 barrels, he stressed.

CEO of NISOC gave assurance that the figure will reach 85,000 barrels per day once the fields’ development project is fully implemented.

As per the contract, he said, daily gas injection into Parsi and Paranj oilfields is expected to reach 280 million cubic feet and 24 million cubic feet, respectively, expressing optimism that the development of the fields would also help increase their recovery factor.