BAKU, Azerbaijan, March 18. A contract worth $245 million has been signed for the development of the Sumar, Saman, and Delavaran oil fields in the west of Iran, Trend reports.
An event for signing contracts on a number of oil and gas projects was held at the Oil Ministry in Tehran on March 17.
The event was attended by Iran's 1st Vice President Mohammad Mokhber, Oil Minister Javad Owji, and other officials.
The Iranian Well Service Company and the Petro Iranian Arvand Company were given the go-ahead by the National Oil Company of Iran to develop the aforementioned three fields.
The term of the contract is 20 years, and in total, about 40.4 million barrels of crude oil are expected to be produced from the fields.
Three new wells will be drilled in the Sumar field, four in the Saman field, two new wells in the Delavaran field, and one well in the Sumar field will be fixed, all in accordance with the terms of the contract. Other tasks will be completed at the same time as well pumps in the fields are changed.
As a result of the agreement, the Iranian government will receive an income worth $1.6 billion. At the same time, the plant of the Kermanshah Oil Refining Company will be continuously supplied with crude oil.
To note, Iran's Sumar and Saman oil fields are located in the west of the country in Kirmanshah province, and the Delavaran oil field is located in Ilam province. In total, it is reported that there are about 410 million barrels of crude oil in these fields.
The National Oil Company of Iran intends to spend $2.5 million to improve the infrastructure of the province in order to improve the welfare of the region's population.
Additionally, 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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