SHANA -� A senior Iranian oil official says production capacity of the oilfields located in West Karoon region will reach 368,000 barrels per day by the end of the current Iranian calendar year to March 20 2018.

Nourreddin Shahnazizadeh, managing director of Petroleum Engineering and Development Company (PEDEC), said the company has planned to bring production capacity of the fields in West Karoon region to 368,000 barrels per day from currently 290,000 b/d.

Addressing a press conference on Monday, the PEDEC chief said most of the boost will come from South Azadegan and South Yaran oil fields.

He said National Iranian Oil Company (NIOC) has signed a memorandum of understanding (MoU) with Gas Persia Company for developing Yaran Oilfield under a buyback arrangement.

"Provided that the two companies conclude a deal over development of the field, Gas Persia will close ranks with foreign partners to develop the project," Shahnazizadeh said.

He also said development of Azar Oilfield is being carried out by its current developer under the newly-devised model of oil contracts, known as the Iran Petroleum Contract (IPC).

The official further said PEDEC is currently operating projects with a total value of $21b and would need $36b of investment for fully financing them.

South Azadegan Output Planned at 140kbd

He said development project of South Azadegan Oilfield has been financed by domestic resources and its production has risen by 38,000 b/d and will reach 140,000 b/d by March 20 2018.

The PEDEC CEO said preliminaries of a tender are being arranged and expressed optimism that a powerful consortium will develop the field.

Shell to submit Studies over Kish Gas Field

The official said Royal Dutch Shell has presented the result of its studies over development of Kish Gas Field to PEDEC and will soon hand over the result of studies over Yadavaran Oilfield as well.

He said the Anglo-Dutch energy giant will also offer study results over Azadegan Oilfield to NIOC.

Austria's OMV has also presented the result of its studies over Band Karkheh field and Thailand's PTTEP has offered study results over Changouleh field.

Moreover, DNO from Norway has finalized its studies over the same field as has Russia's Gazprom, added Shahnazizadeh.