Higher production is cited for delay in Iran-Iraq oil field
Azerbaijan, Baku, March 3 /Trend M. Moezzi/
The delay in starting the Iran-Iraq South Azadegan oil field is due to the increase in the number of wells, higher oil production capacity and changes in the project's master development plan, Mehr news agency reports quoting managing director for Iran's Petroleum Engineering and Development Company Naji Saadouni.
In the new development plan for South Azadegan's phase 1 oil production has gone from 150,000 to 320,000 barrels and the number of wells have grown from 37 to 180, Saadouni said.
China is investing $12 billion in the Azadegan field's development. 70 percent of the project's financing will come from China or other foreign or domestic companies, 20 percent will be provided by the National Iranian Oil Company (NIOC) and 10 percent will come from Japan's INPEX Corporation.
Azadegan is the world's biggest oil discovery in the last 30 years with reserves totaling 42 billion barrels of oil. When finished, the Azadegan field will add 600,000 barrels a day to Iran and Iraq's oil production capacity.