Baku, Azerbaijan, Apr.12
By Fatih Karimov - Trend: Twelve new wells will be drilled at Iran's West Karoun oil fields, which are shared with Iraq, said Heidar Bahmani, the managing director of the National Iranian Drilling Company (NIDC).
Arvandan Oil and Gas Company signed a contract with NIDC to conduct the drilling operations, Iran's YJC quoted Bahmani as saying on April 12.
The contract duration will be 24 months, he said, adding that its value is $23 million plus 2500 billion rials.
USD official exchange rate is about 28,000 rials in Iran.
Yadavaran, North Azadegan, South Azadegan, North Yaran, and South Yaran oil fields are dubbed West Karoun oil fields.
The Economy Council of Iran has approved the development of West Karoun oil fields as the largest joint oil fields development plan.
Investment of some $15.2 billion is projected for the plan over the course of four years.
West Karoun oil fields are currently producing 300,000 barrels per day.
The production capacity is scheduled to reach 1.4 million barrels per day by 2021.
Iranian Oil Minister Bijan Namdar Zanganeh has said that the development of joint oil and gas fields is a national task.
Iran's current oil production is estimated to be around 2.7 million barrels per day of which about 1 million barrels are exported.