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.

Subscribe to Trend in Google News! Subscribe
Georgia’s imports from Turkmenistan triple
Georgia’s imports from Turkmenistan triple
Georgia to replace damaged buildings – Mayor of Tbilisi
Georgia to replace damaged buildings – Mayor of Tbilisi
GUAM shares reviews of results of Georgia's presidency
GUAM shares reviews of results of Georgia's presidency
Loading Bars
Latest
ECO Council of FMs supports Azerbaijan's proposal to establish Clean Energy Center (PHOTO)
Buy/sell operations at Iran Mercantile Exchange revealed
Finalists in double mini-trampoline jumping among men announced at 28th FIG World Age Group Competitions in Baku
Finalists in acrobatic jumping among men named at 28th FIG World Age Group Competitions in Baku
Azerbaijani gymnast Seljan Mahsudova reaches finals of World Age Group competition
Kazakhstani Astana- Motors to produce Hyundai cars in Uzbekistan
Iran reveals COVID-19 data for November 27
Finalists in acrobatic jumping among women announced at 28th FIG World Age Group Competitions in Baku
Novavax developing vaccine that targets new COVID-19 variant
Eni sells some stakes to Snam
28th FIG Trampoline Gymnastics World Age Group Competitions underway in Baku (PHOTOS)
Azerbaijan reveals financing of pensions, benefits for 9M2021
Turkish company to organize cotton-textile cluster in Uzbekistan
Finalists in double mini-trampoline among women announced at 28th FIG World Age Group Competitions in Baku
Georgia’s imports from Turkmenistan triple
Coach set goal to enter top three in individual trampoline jumping - Russian gymnast
Uzbek National Bank to issue its bonds on Russian Exchange
33,946 new Covid cases registered in Russia in 24 hours
Georgia to replace damaged buildings – Mayor of Tbilisi
Meeting in Sochi - new step towards sustainable peace in South Caucasus - Turkey's presidential administration
Turkey's cargo traffic via its Gulluk port for 9M2021 revealed
GUAM shares reviews of results of Georgia's presidency
Uzbekistan to sell shares of its two banks to Russian banks
EBRD to support green innovation in Uzbekistan
Turkmenistan's On Dogan to scale up production of vegetables, melons
Turkey shares data on cargo shipment via its ports from Greece for 9M2021
Azerbaijan limits import of poultry products from number of countries
Number of flights from Iran’s Shahid Beheshti International Airport soars
Turkey discloses volume of cargo shipment via its from ports from Italy for 9M2021
Iran resumes activity of several enterprises in Sistan and Baluchestan Province
Azerbaijan’s Nakhchivan notes increase in agricultural production for 10M2021
Relations between Baku, Moscow experience highest dev’t stage in history of Azerbaijan's independence – experts
Sri Lanka bans travellers from 6 African nations due to Omicron COVID variant
We feel very comfortable in National Gymnastics Arena in Baku - Israeli athletes
Weekly review of key events in Azerbaijan's ICT sector
Weekly review of main events in Azerbaijan's transport sector
Uzbekistan reveals leading banks without state share in terms of volume of deposits
Number of people hospitalized after Listvyazhnaya mine explosion grows to 58
Weekly review of Azerbaijani precious metals market
Georgia reveals top exported goods to China
Performing at National Gymnastics Arena in Baku is unbelievably cool - Kazakh athlete
Iran’s NICICO records increase in sales
Weekly review of Azerbaijani currency market
Azerbaijan notes growth in total liabilities of banks in 10M2021
Several hydrological points to be installed on rivers in Azerbaijan’s liberated territories – ministry
Iran’s Saipa Company increases auto manufacturing
Georgia releases COVID-19 data for November 27
Uzbekistan names leading state-owned banks in terms of volume of deposits
Georgia, EU to enhance co-op in foreign policy, security
Iran to reconsider guaranteed price for wheat purchase
Iran sees increases in exports
Iran, Afghanistan to improve trade
Third day of 28th FIG Trampoline Gymnastics World Age Group Competition kicks off in Baku (PHOTO)
Turkey shares data on cargo shipment via its ports from Spain for 9M2021
Methane outburst is viewed as likely cause behind deadly blast at Listvyazhnaya coalmine
Turkey shares data on vehicles shipments between its Cesme, Greek Chios ports
Weekly review of Azerbaijan's oil & gas sector
Iran's PBO talks reduced inflation rate
Iranian startups to make their first initial public offering - Farabourse
Iran's solar power plants generate half of renewable energies - SATBA
Iran eyes developing national space industry
Azerbaijan once again achieves its goals at meeting in Russia’s Sochi - experts
Uzbekistan shares updated COVID-19 data
New World Order and India
Iranian currency rates for November 27
Azerbaijani oil prices decrease
Azerbaijan sees decrease in number of users per payment terminal in 10M2021
Iran, France to improve economic ties
Turkey reveals volume of vehicles shipments between its Yalova, Italian Bari ports
Georgia-China trade turnover up
Kazakhstan’s Ekibastuz GRES-2 power station opens tender to buy spares for engine
Pfizer/BioNTech, Moderna expect data on shot's protection against new COVID-19 variant soon
“Armenian clan” guides European institutions (PHOTO)
Iran, Turkmenistan, Kazakhstan sign tripartite MoU on railway cooperation
Turkey bans travel from 5 African countries over new COVID-19 variant
Uzbekistan, Kazakhstan sign an agreement worth about $612 million
Kazakhstan has great potential to use high environmental standards in practice - AIFC
South Africa says travel bans over new variant unjustified
US announces travel restrictions over new COVID-19 variant
At least 19 dead, 32 injured after bus crash in Mexico
US company Moderna begins work on vaccine against new SARS-CoV-2 variant ‘Omicron’
Dozens of COVID-19 cases on flight from South Africa, Dutch authorities say
Top Iran diplomat calls for lifting of sanctions, days before Vienna nuclear talks
U.S. President Biden calls for intellectual property protection waivers on COVID-19 vaccines
WTO postpones major meeting over COVID-19 concerns - sources
Trilateral meeting in Sochi can be called historic - Chairman of State Duma Committee
487 illegal immigrants rescued off Tunisian coast: ministry
WHO names new COVID variant Omicron
Sochi meeting is tremendous step in right direction; Armenia must act quickly in order to intercept its abandoned priorities - experts
Turkey to support Qatar's regional and international goals: Shentop
Kazakh President holds talks with President of European Commission
Statement by President of Azerbaijan, PM of Armenia and President of Russia published
Georgia carries out judicial reform with support of U.S., MP Okhanashvili says
Iranian, Malaysian FMs discuss bilateral ties
Foreign Ministry comments on trilateral meeting of leaders of Azerbaijan, Russia and Armenia
Putin discusses results of meeting with President of Azerbaijan Ilham Aliyev and Prime Minister of Armenia Nikol Pashinyan with Security Council
Vladimir Putin announces agreement on unblocking transport corridors between Azerbaijan and Armenia
Commission for delimitation of border between Azerbaijan and Armenia to be created
We repeatedly stated that we are ready to start demarcation process without delay - President Ilham Aliyev
After end of hostilities, more than 100 detained Armenian servicemen were handed over to Armenian side - President Ilham Aliyev
All news