BAKU, Azerbaijan, May 13. Iran's National Oil Company and three local companies have signed an agreement to develop the Yadavaran oil field (Sindbad in Iraq), a joint oil field between Iran and Iraq, Trend reports.
This contract was signed on May 11 at the 23rd International Exhibition of Oil, Gas, Refining and Petrochemicals held in Tehran.
The contract was signed by Iran's National Oil Company, National Drilling Company, Oil Industries Engineering and Construction Company, and Khatam al-Anbiya Construction Headquarters.
Under the $350 million contract, 24 wells will be drilled in the Yadavaran oil field. The aim is to increase production from the field by 42,000 barrels.
Addressing the signing event, the Iranian Deputy Oil Minister and Executive Director of the National Oil Company Mohsun Khojastmehr stated that on May 11, the development of Phase 2 of the joint Yadavaran oil field officially started. The first phase of this field produces 110,000 barrels of crude oil daily.
Khojastmehr added that 100,000 barrels are planned to be added to the production of this field.
Meanwhile, the Yadavaran oil field, located 60 km southwest of the city of Ahvaz in Khuzestan province, on the Iran-Iraq border, has 6.3 billion barrels of oil reserves. The production of 6.2 billion barrels is reportedly possible. The field's first phase has 49 wells producing more than 110,000 barrels of oil daily.
To note, the 4-day 23rd International Exhibition of Oil, Gas, Refining, and Petrochemicals kicked off in Tehran on May 8. The exhibition is attended by 1,700 local companies and 250 foreign companies.
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