BAKU, Azerbaijan, February 6. The Russian ZN Vostok Company has invested $170 million in the development of Iran’s Cheshmeh-Khosh oil field, executive director Azamat Ismagilov Faritovich said, Trend reports.
He made the announcement on February 6 at an online event related to the development and commissioning of several oil and gas fields in Iran.
Ismagilov noted that the investment has increased the production of the Cheshmeh-Khosh oil field from 58,000 to 62,000 barrels per day.
The director also said that the company is currently operating three drilling rigs in the field and plans to deploy another one soon to drill six more wells.
According to him, the company’s contract requires it to drill 20 wells and install 22 well pumps in the field, and the company is working hard to fulfill its obligations.
He further said that the company has invested over $500 million in Iran’s oil sector projects so far.
In 2019, ZN Vostok Company signed a 10-year contract with Iran’s “Iran Ofogh” and “Kayson” companies to develop the Cheshmeh-Khosh, Dalpari, and Paydar-e Sharg fields with a $3 billion investment. The development of the fields began in mid-2020.
On February 6, 2024, Iran inaugurated seven oil and gas fields and related facilities in Khuzestan Province. This increased Iran’s crude oil production capacity by 150,000 barrels per day and its gas production capacity by 28 million cubic meters per day.
According to the contract signed between Iranian and Russian companies, a total of 167 million barrels of crude oil will be produced from the Cheshmeh-Khosh oil field.
The Cheshmeh-Khosh oil field in Iran has been a source of crude oil since 1975, after it was discovered in 1964. The field has a large reserve of 2.24 billion barrels of crude oil, which is extracted at a rate of 80,000 barrels per day. The field also produces 115 million cubic feet (or 3.25 million cubic meters) of gas daily.
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