BAKU, Azerbaijan, May 19. Iran will implement a plan to develop the second phase of the Masjed Soleyman oil field by the end of the current Iranian year (March 21, 2022 through March 20, 2023), Iranian Deputy Oil Minister and the CEO of the National Iranian Oil Company (NIOC) Mohsen Khojasteh Mehr said, Trend reports citing the NIOC’s website.
According to the deputy minister, in connection with the development of the second phase of the field, Iran’s Mostazafan Foundation and the Energy Gostar Engineering and Technology Company signed a memorandum of understanding worth $400 million.
“Currently, research on development of second phase continues," he said, adding that 15 wells will be drilled as part of the research, and necessary equipment will be installed at the wells.
The CEO also pointed out that the NIOC has allocated a total of 700 million euro to repair and renew equipment at oil fields across Iran. Most of the mentioned funds will be paid to the National Iranian South Oil Company (NISOC). The NISOC will take steps to renew equipment related to the Masjed Soleyman oil field.
The Masjed Soleiman oil field is located 125 km northeast of the city of Ahvaz in Iran's Khuzestan Province. This oil field was discovered in 1908. Reportedly, the field contains about 6.2 billion barrels of oil. Until January of 2021, 1.2 billion barrels of oil have been extracted from this field.
At present, 5,000 barrels of oil are extracted from this field daily. Iran plans to increase daily extraction from this oil field to 25,000 barrels in the first stage, and to 35,000 barrels in the next stage.
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