The oil field lies along the border of Iran and Saudi Arabia.
The Saudi Arabian portion of the field is known as the Marjan Field, which is being expanded by Saudi Aramco.
More than 80% of the hydrocarbon reserves of the field lie in the Saudi Arabian waters.
Owned by National Iranian Oil Company (NIOC) and operated by its subsidiary Iranian Offshore Oil Company (IOOC), the Forouzan oil field was discovered in 1966 and has an estimated recoverable reserves of 2.3 billion barrels.
The offshore oil field commenced operations with an initial production capacity of 100,000 barrels of oil per day (bopd) in 1987.
Its output, however, declined to 40,000 bopd in 2000.
IOOC has been carrying out a number of renovation and redevelopment works, including the installation of new offshore platforms, to double the field’s crude output to 80,000 bopd, as well as to increase its gas and condensate production capacity.
In July 2021, Iran has commenced the drilling operations at the Forouzan in order to sustain and enhance oil output of the field.
The drilling operations targets drilling 7 wells at the F18 satellite platform in the FX area of the offshore field.
In total, 26 wells will be drilled where 13 of them will be newly spudded.
The development project, estimated to cost $314 million