BAKU, Azerbaijan, September 30. The development of the Azadegan oil field, jointly operated by Iran and Iraq and known as Majnoon on the Iraqi side, is among Iran’s 20 major projects.
According to Iran’s Ministry of Economic Affairs and Finance, Deputy Minister of Economic Affairs and Finance and Head of the Organization for Investment and Economic and Technical Assistance Mehdi Heydari said this.
“Azadegan is Iran’s largest oil field. Development of this field began four months ago, and there have already been positive developments in this regard,” he said.
Heydari said the country’s most important projects are not limited to the oil and gas sector. In addition to oil and gas fields, major projects are being implemented in logistics, solar power generation, electricity, information and communications technology (ICT), and other sectors, he said.
The Azadegan oil field covers an area of 1,500 square kilometers in Iran and contains approximately 32 billion barrels of crude oil. On the Iranian side, the field is divided into the North and South Azadegan fields.
On July 5, 2022, the National Iranian Oil Company signed agreements with state-owned and private banks and drilling companies to increase production from the field. The agreements, valued at $7 billion, were scheduled to be completed within two years.
Production is planned to reach 570,000 barrels per day, with around 420 wells expected to be drilled at the field.
