BAKU, Azerbaijan, December 24. Iran has increased its crude oil output from the South Azadegan oil field, which it shares with Iraq, to 120,000 barrels per day (bpd), said Mohsen Khojasteh Mehr, deputy oil minister and CEO of the National Iranian Oil Company (NIOC), Trend reports.
The Azadegan is a joint oil field between Iran and Iraq (called Majnoon in Iraq). The field is located 80 km southwest of Ahvaz city in the Khuzestan Province (southwestern Iran) and covers 1,500 square kilometers and holds 32 billion barrels of crude oil, currently produces 190,000 bpd. In Iran, this field is usually divided into two parts - North Azadegan and South Azadegan.
Before this, Iran's production in the South Azadegan part of the field was 85,000 barrels per day.
According to Khojasteh Mehr, the reason for the increase in production in the South Azadegan part of the field is the drilling and commissioning of 60 new oil wells.
Khojastmehr added that the NIOC plans to sign an agreement soon for the unified development of the second phase of the Azadegan oil field, which consists of two parts: South Azadegan and North Azadegan.
On July 5, 2022, the NIOC signed a $7 billion deal with local banks and drilling companies to boost the output to 570,000 bpd in two years by drilling 420 wells.
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