BAKU, Azerbaijan, July 5. The National Iranian Oil Company (NIOC) signed an agreement with state and private banks, as well as the country’s drilling companies on the development of the Iran-Iraq joint Azadegan oil field (called Majnon in Iraq) on July 5, Trend reports citing the NIOC’s website.
The value of the signed agreement is $7 billion.
The Azadegan oil field, located in an area of 1,500 square kilometers in Iran, contains about 32 billion barrels of crude oil. At present, Iran extracted 190,000 barrels of oil from the field per day. The figure is planned to be increased to 570,000 per day. About 420 new wells will be drilled in the field.
The first stage of the development work in the field is planned to be completed within the next 2 years.
Iranian President Ebrahim Raisi, Oil Minister Javad Owji and other officials attended the signing ceremony of the agreement on the development of the Azadegan oil field.
Iran's Azadegan oil field is located 80 km west of Ahvaz city in Khuzestan Province (south-western Iran).
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