BAKU, Azerbaijan, December 4. The development of the Azadegan oil field (Majnoon in Iraq) jointly with Iraq to increase crude oil production by 600,000 barrels per day continues, the executive director of Iranian Petroleum Engineering and Development Company (PEDEC), Nasrullah Zarei, told local media, Trend reports.
According to him, the current production in this field is 400,000 barrels per day. There is progress in the works to increase the production of this field by 200,000 barrels.
Zarei noted that the reserves of the Azadegan oil field amount to 28 billion barrels. The production of this oil field will be continued for the next 20 years after the completion of operational works, and the development of this field may be planned as the third stage in the future.
The official noted that production at the South Azadegan block of the Azadegan oil field, divided into two parts, amounts to 144,000 barrels per day. It is planned to drill 26 new wells to increase production. It is expected that 30,000 barrels per day will be added to the production. In addition, it is planned to increase the daily production by 20,000 barrels of crude oil by restoring the activity of 20 wells. Thus, production at the South Azadegan field is expected to increase to 200,000 barrels per day.
The Azadegan field, located in Iran on an area of 1,500 square kilometers, contains about 32 billion barrels of crude oil. The Azadegan oil field on the Iranian side is divided into South and North parts. The agreement was signed on July 5, 2022, between the National Oil Company of Iran and public and private banks and mining companies to increase the production of the field. The value of the signed agreement amounted to $7 billion and is to be completed within two years. It is planned that production will be increased to 570,000 tons daily. Moreover, about 420 wells are planned to be drilled at the field.