BAKU, Azerbaijan, January 5. It is expected that Iran will start developing the second phase of the Azar oil field worth $1 billion next Iranian year (from March 21, 2025 through 20 March 2026), the representative of the Iranian Petroleum Engineering and Development Company Keyvan Yarahmadi told reporters, Trend reports.
According to him, the required license has been issued in the country's Economic Council in this regard and it is expected that an agreement will be signed and work will start by the end of the current year (March 20, 2025).
Yarahmadi added that the NGL-3100 gas processing plant will be commissioned soon. Gases produced from the Azar oil field along with crude oil will be transported to this plant. Thus, all works related to the development of phase 1 of the field will be completed.
The official stated that the development of phase 1 resulted in
the production of 83 million barrels of crude oil and a profit of
about $6 billion.
Azar oil field is located in the Meran district of Iran's Ilam
province. It is reported that this field has 2.5 billion barrels of
crude oil and it is feasible to produce 400 million barrels of
them.
To note, Iran's total hydrocarbon reserves are 1.2 trillion barrels. Iran can produce 340 billion barrels with existing technological equipment. Iran can utilize about 30 percent, while 70 percent remains unutilized underground.