Iran to sign oil fields development contracts

Azerbaijan, Baku, Feb. 14 / Trend, A.Yusifzade /

The contract to develop Iranian Azar oil field will be signed in next three months, Shana reported quoting the managing director of Petroleum Engineering and Development Company (PEDEC), Naji Sadouni, as saying.

Sadouni said that at present the oil field has been cleared of land mines (have remained since İran-İraq war), some roads have been constructed and the site is ready for drilling while drilling rigs would be transferred to the area over next three to four months.

He went on to say that the oil field would be developed by meeting financial resources from within the county and its development would be ceded to domestic investors.

With regard to Darkhovain oil field, the managing director of the Engineering And Construction Oil Company said the contract to develop the third phase of Darkhovain oil field would be singed in next three months adding five domestic and foreign companies have presented their plans.

He estimated the value of Darkhovain third phase development's plan at $1.2 billion and its production capacity 80,000 barrels per day.

Sadouni added that production of the oil fields located on west of Karoun River, southwest of Iran, will rise to 1.5 million barrels a day over the next 10 years. These oil fields include Northern Azadegan, Southern Azadegan, Yadavaran and Azar.

A contract to develop Azar oil field is expected to be signed with a consortium consisting of Iranian and foreign companies. Iranian companies are thought to gain 40 percent of the shares.

The oil field development is forecast to last for six years with a production capacity of 50,000 to 65,000 barrels a day over 25 years.

As part of the Anaran Block and one of the most difficult fields in view of drilling, Azar oil field is located between Dehloran and Ilam cities with recoverable reserves of 400 million barrels.

Earlier Sa'douni said that PetroVietnam (Vietnam Oil and Gas Group) would sign a $1.2 billion contract to develop the third phase of Darkhovin oilfield, Mehr News Agency reported.

"So far, negotiations have been carried out with five domestic and foreign firms for the contract. The contract for the phase three of the project will be ceded to a consortium consisting of some local companies and PetroVietnam within the next couple of months," Sa'douni added.

Sa'douni said that the first two phases of the project are now operational and the oilfield produces 160,000 barrels of oil per day.

He went on to say that once the third phase of the project comes on stream, over 80,000 barrels of oil per day will be added to the national oil production capacity.

The first Phase of the project became operational in 2005, and the second phase came on stream earlier in February. Over $1.3 billion was invested in the second phase of the oilfield.

Based on initial estimates, the crude production capacity of the oilfield will increase to 250,000 barrels per day within the next five years.

Darkhovin oilfield was discovered in 1965. The in-place oil reserve of the oilfield has been estimated at over five billion barrels.

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