BAKU, Azerbaijan, October 28. A total of 1.4 trillion rials (about $3.13 million) has been saved due to the early completion of the drilling of six oil wells by the Iranian Oil Exploration Operations Company, the head of the Iranian Oil Exploration Operations Company Hedayatollah Khademi told local media, Trend reports.
According to him, three wells in Iran's Azadegan oil field were delivered to customers in 31 days, two wells in Bibi Hakimeh oil field in 70 days and one well in Mansurabad oil field in 45 days, resulting in savings.
Khademi added that a total of 16 wells have been drilled in Iran's South Azadegan oil field since 2022 and handed over to the customer. In addition, the drilling process of four wells has started.
The official stated that for the period from March 21, 2023, through September 21, 2024, Iranian Oil Exploration Operations Company's total revenue amounted to about 30 trillion rials (about $67 million) and net profit amounted to 3 trillion rials (about $67 million).
Meanwhile, Iran's South Azadegan oil field (Majnoon in Iraq) is common in Iraq. The South Azadegan oil field contains 28.2 billion barrels of crude oil and reportedly 1.6 billion barrels can be produced from it. The plans related to the development of this field indicate that 320,000 barrels of crude oil and 197 million cubic feet (about 7 million cubic meters) of natural gas are planned to be produced from the field in the first plan, and 280,000 barrels. of crude oil are planned in the second plan.
To note, Iran's total hydrocarbon reserves amount to 1.2 trillion barrels. Iran can produce 340 billion barrels of this gas with existing technological equipment. Iran can utilize about 30 percent, while 70 percent remains unutilized underground.