BAKU, Azerbaijan, December 28. The Sepehr and Jufair oil fields in Khuzestan province, located in the south-east of Iran, will soon be officially put into operation, said Mohsen Khojasteh Mehr, deputy oil minister and CEO of the National Iranian Oil Company (NIOC), Trend reports.
According to Khojastmehr, at present, along with a number of operations in the first stage related to the development of Sepehr and Jufair oil fields, production is also ongoing. He added that 35,000 barrels of crude oil will be produced daily after the completion of operations on the first stage.
Khojastmehr also said that the second stage of the development of the mentioned fields has already started. With the completion of the second stage, 100,000 barrels of crude oil will be produced daily from the Sepehr and Jufair fields.
The deputy minister said that there is the Sohrab oil field located on the edge of the Sepehr and Jufair fields. It is also planned to start production in this field by the end of the year (March 19, 2024).
The Sepehr and Jufair oil fields, located in the Khuzestan Province, started production in early October 2023. Sepehr Field's reserves are estimated at 5.4 billion barrels of oil, of which 450 million barrels are extractable. The 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.
Overall, 12 wells are planned to be drilled in these oil fields in the first phase. So far, 10 wells have been drilled and launched. While the remaining two wells are being drilled,.
In general, two phases have been determined for the development of the two fields mentioned. In May 2020, a contract was signed among the National Iranian Drilling Company, Pezhvak Energy Engineering Services Company (PECO), and Pasargad Energy Development Group for the development of the Sepehr and Jufair oil fields. The value of the contract signed under the IPC (Iran Petroleum Contract) was $60 million.
The first phase will be fully operational later, and the production will rise to 36,000 barrels of oil per day. There is a second phase planned, which will boost the production to 110,000 barrels of oil per day.
Both fields are operated by Iran’s Petroleum Engineering and Development Company (PEDEC).
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 of the Iranian Central Oil Fields Company (ICOFC), 5 fields of the Arvandan Oil and Gas Company (AOGC), and 18 fields of the Iranian Offshore Oil Company (IOOC).
In addition, 5 gas fields are operating in the territory of the NISOC, 13 fields are operated by the ICOFC, 1 field is operated by Pars Oil and Gas Company (POGC), and 3 gas fields are operated by the IOOC.
Iran’s total hydrocarbon reserves are estimated at 1.2 trillion barrels. With the 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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