BAKU, Azerbaijan, Jan. 29
Trend:
The first phase of the development project of Azar oil field in western Iran, is expected to be officially completed soon, CEO of the Petroleum Engineering and Development Company (PEDEC), Touraj Dehghani said, Trend reports via IRNA.
“The oil extraction from the Azar joint oil field began in March 2016, with a daily production of 15,000 barrels of oil,” the CEO of the Petroleum Engineering and Development Company (PEDEC), Dehghani said.
“With the first phase of the development project completed, the field’s output capacity will reach 65,000 barrels per day,” he said.
Referring to the executive costs of the Azar field development project, Dehghani said that 1.4 billion euros have been spent for this project.”
The number of sub-projects of Azar joint field development plan is 32 projects, including 10 surface projects and 22 sub-surface projects,” he noted. “Drilling 19 wells, construction of well facilities and 80 km of flow pipelines, construction of 320 km of oil and gas export pipeline, construction of 61 km of new oil and gas transmission pipeline and construction of 29 km of water pipeline to transfer of water to the facilities of the central processing unit are among the construction projects within the development plan of Azar oil field.”
The CEO of the Petroleum Engineering and Development Company stated that the share of domestic sector in the Azar oil field development project is 75 percent and the share of local human capital is 55 percent.
Azar, one of the joint fields with Iraq, spans an overall area of 482 square kilometers in southeast of Mehran town in the western Iranian province of Ilam.
The field is estimated to hold 2.5 billion barrels of oil in place. The volume of possible oil reserves to be extracted from the Azar field is estimated to be around 400 million barrels.
According to PEDEC, the cumulative oil extraction from the Azar oil field has reached 20 million barrels since it began operation in March 2017.