Iran starts a project to develop the Masjed Soleyman oil field-- which is the oldest in the Middle East region-- in the south of the country.

The project aimed at producing 100 million barrels of crude per year is carried out by an Iranian-Chinese consortium.

The consortium is made up of China's National Petroleum Company (CNPC) and Iran's Naftgaran Engineering & Services Co.

The $151 million development project will be completed over a three-year period.

Once implemented, the Masjed Soleyman oil field is expected to yield 25,000 barrels a day, for which 17 wells must be drilled, the project manager said.

... Payvand News - 11/23/07 ...