BAKU, Azerbaijan, November 19. The production at Iran's Jofair and Sepehr oil fields increased by 5,000 barrels per day with the launch of production well No. 7 at Jofair oil field in Iran the other day (November 16), the executive director at Iran's Petroleum Engineering and Development Company (PEDEC) Nasrullah Zarei said, Trend reports.
According to him, crude oil production from the Sepehr and Jofair oil fields is expected to exceed 62 thousand barrels per day by the end of the year (March 20, 2025).
Zarei added that in the past two months, three new production wells have been put into operation in the mentioned fields. As a result, daily production increased from 40,000 barrels to 51,000 barrels.
The official noted that the cost of starting production from a well at an undeveloped oil field requires $20,000-25,000 per barrel. Over the past 7 months, production from the oil fields of Sepehr and Jofair increased daily by 12,000 barrels.
Sepehr and Jofair oil fields are located in the southwest of Iran in Khuzestan province. These fields were officially put into operation on March 8, 2024. Sepehr oil field contains 5.4 billion barrels of oil. It is reported that its production could reach 450 million barrels. The Jofair oil field contains 4.4 billion barrels of oil. It is reported that its production could be 390 million barrels.
To note, a total of 74 oil fields and 22 gas fields are currently operating in Iran. There are 37 oil fields in the territory of the National Company of Iran's Southern Oil Zones, 14 in the territory of the Iranian Central Oil Zones Company, 5 in the territory of the Arvandan Oil and Gas Production Company, and 18 in the territory of the Offshore Oil Company. Additionally, the South Oil Zones National Company of Iran operates 5 gas fields, the Central Oil Zones Company operates 13, the Pars Oil and Gas Company operates 1, and the Offshore Oil Company operates 3.
Iran's total hydrocarbon reserves are 1.2 trillion barrels. Iran can produce 340 billion barrels of this gas with existing technological equipment. Iran can use about 30 percent, while 70 percent remains unused underground.
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