BAKU, Azerbaijan, March 26. Iran is currently taking serious steps in order to increase production from several oil fields, Iranian Deputy Oil Minister and the CEO of the National Iranian Oil Company (NIOC), Mohsen Khojasteh Mehr told IRNA, Trend reports.
“One of the mentioned fields is the Iran-Iraq joint Azadegan oil field (called Majnoon in Iraq). So, in order to increase production from this field, an agreement worth $7 billion was signed with 6 banks and 6 discovery companies,” he said.
The deputy minister added that under the agreement, daily production from the Azadegan oil field will increase from 200,000 barrels to 570,000 barrels within 7 years. At present, the number of drilling rigs in the field has been increased.
According to him, production from the southern part of the field is currently 115,000 barrels per day.
Iran's Azadegan oil field is located 80 km southwest of Ahvaz city in the Khuzestan Province (southwestern Iran). It is estimated that the field contains about 32 billion barrels of oil. In Iran, this field is usually divided into two parts - North Azadegan and South Azadegan. Current production from the field is 190,000 barrels per day.
The CEO also pointed out that Sepehr and Jufair oil fields are among the mentioned fields. Thus, the developed parts of the Sepehr and Jufair oil fields will be ready for operation in the current month (March 21 through April 20, 2022).
Sepehr field's reserves are estimated at 5.4 billion barrels of oil, of which 450 million barrels are extractable.
Jufair oil field's reserves are estimated at 4.4 billion barrels of oil. Its potential production reaches 390 million barrels, of which 390 million barrels are extractable.
Khojasteh Mehr stressed that in addition, the implementation of operations in Yaran, Aban and Paydar-e Gharb oil fields has also been started.
There are currently 74 active oil and 22 active 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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