BAKU, Azerbaijan, December 24. Iran's Petroleum Engineering and Development Company (PEDEC) is set to bring the second phase of the Sepehr and Jofair oil fields into operation in the near future, the executive director of the Iranian Petroleum Engineering and Development Company (PEDEC) Nasrullah Zarei told reporters, Trend reports.
Speaking at the opening ceremony of Iran’s first Well Reservoir and Facility Management center on December 24, Zarei noted that the development of the Sepehr and Jofair oil fields had faced some delays in recent years. However, he said that development work is now proceeding at an accelerated pace.
The official further noted that the National Iranian Oil Company (NIOC) has prioritized increasing crude oil production as one of its key objectives. Given the current conditions, efforts are being made to identify private sector investors and contractors to meet the target goals.
Zarei also highlighted that the Iranian Ministry of Oil’s strategy is focused on creating the necessary conditions for investor and contractor participation.
Sepehr and Jofair oil fields are located in the southwest of Iran in Khuzestan Province. On March 8, 2024, these fields officially came into operation. Sepehr oil field contains 5.4 billion barrels of oil. Reports suggest that its production could potentially reach 450 million barrels. The Jofair oil field contains 4.4 billion barrels of oil. It is reported that its production could be 390 million barrels. Currently, 44,000 barrels of crude oil are produced daily from these fields, with expectations to increase daily production to 60,000 barrels by the end of the current year, March 2025.
To note, a total of 74 oil fields and 22 gas fields are currently operating in Iran. There are 37 oil fields in the territory of the National Company of Iran's Southern Oil Zones, 14 in the territory of the Iranian Central Oil Zones Company, 5 in the territory of the Arvandan Oil and Gas Production Company, and 18 in the territory of the Offshore Oil Company. Additionally, the South Oil Zones National Company of Iran operates 5 gas fields, the Central Oil Zones Company operates 13, the Pars Oil and Gas Company operates 1, and the Offshore Oil Company operates 3.
Iran's total hydrocarbon reserves are 1.2 trillion barrels. Iran can produce 340 billion barrels of this gas with existing technological equipment. Iran can use about 30 percent, while 70 percent remains unused underground.