BAKU, Azerbaijan, July 20
By Elnur Baghishov – Trend:
Discussions are underway with companies of the Iranian oil sector to increase production of the Iran-Iraq joint Azadegan oil field (it is called Majnoon in Iraq), Iranian Deputy Oil Minister and CEO of the National Iranian Oil Company (NIOC) Masoud Karbasian said, Trend reports referring to the NIOC’s official website.
He made the remark during the signing ceremony on a contract on enhanced oil recovery (EOR) and the further development of the South Azadegan oil field on July 20.
Within the contract, Iran will have opportunities to produce 600,000 barrels of oil per day from the Azadegan field, Karbasian added.
The official noted that the Azadegan oil field development project is one of the important projects for the ministry.
The CEO said that the north and south parts of the Azadegan oil field contain a total of 33 billion barrels of crude oil, with 27 billion barrels of reserves in the South Azadegan field.
The deputy minister emphasized that the development of the South Azadegan oil field began in 2003, and during this period, oil production from this field increased to 140,000 barrels per day.
"Under the contract signed for the development of this field, over the next 30 months, the production of crude oil will increase to 320,000 barrels per day and 200 million cubic meters [about 56.6 million cubic meters] of gas will be produced," he said.
Karbasian noted that contracts in the field of oil production are to be concluded with five Iranian universities to conduct research on 12 major Iranian hydrocarbon fields.
The contract on enhanced oil recovery at the Iran-Iraq joint South Azadegan field to 320,000 barrels per day was signed between Iran’s Petroleum Engineering and Development Company and Iran's Petropars Operation and Management Company.
The 30-month contract is worth $961 million and 11.8 trillion rials (about $281 million). Along with crude oil, the field will produce 200 million cubic feet (about 56.6 million cubic meters) of gas per day.
