Sinopec Company of China will develop the second phase of the Yadavaran oilfield in Iran, a top official was quoted as saying in an Iran Daily report.

"A daily average of 100,000 barrels of oil are currently being produced from the joint field," said Hadi Nazarpour, executive manager of the Development Project of Yadavaran oilfield according to the report, which cited Mehr News Agency.

Iran has recovered a total of 53 million barrels of oil from the field since the launch of production four months ago, he added.

“Three development phases were envisaged for the joint oilfield with the first and second phases aiming to increase output to 58,000 and 180,000 barrels per day, respectively,” he explained.

"For the time being, the Major Development Plan (MDP) has been finalized and the Chinese firm will implement the project,” he said, commenting on the development of Phase 2 of Yadavaran.

"The second phase aims to increase production to 180,000 barrels per day once it becomes operational in the next four years,” he said, highlighting that the in-situ oil reserves in Yadavaran stand at 31 billion barrels against the earlier estimate of 12 billion barrels.