BAKU, Azerbaijan, February 27. The development of well No. 4 of the Saadatabad oil field under the control of Iranian Central Oil Fields Company (ICOFC), has been entrusted to Iran's PetroAzma start-up company, an official of the ICOFC, Mahmoud Mirbagheri said, Trend reports citing Shana News Agency.
“A contract was signed between the Iranian Central Oil Fields Company and the PetroAzma startup company on February 26, 2023,” Mirbagheri added.
According to the contract, the cost of development at the well is $1.5 million and the work will last for 18 months, he added.
Iran's Saadatabad oil field is located in the Fars Province (southern Iran). As the field is connected to the Sarvestan oil field, their production volumes are calculated together. So, it is estimated that the two fields (242 square kilometers), contain 1.4 billion barrels of crude oil.
There are currently 74 oil and 22 gas fields in Iran. So, 37 oil fields are operating in the territory of the National Iranian South Oil Company (NISOC), 14 fields – Iranian Central Oil Fields Company (ICOFC), 5 fields – Arvandan Oil and Gas Company (AOGC), and 18 oil fields – Iranian Offshore Oil Company (IOOC).
In addition, 5 gas fields are operating in the territory of the NISOC, 13 fields – the ICOFC, 1 field – Pars Oil and Gas Company (POGC), and 3 gas fields – the IOOC.
Iran’s total hydrocarbon reserves are estimated at 1.2 trillion barrels. With available technology and equipment, Iran can extract 340 billion barrels. Thus, 30 percent of the country's hydrocarbon reserves are recoverable, while 70 percent remain underground.
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