Azerbaijan , Baku, Feb. 25 / Trend, A.Yusifzade /
China will allocate $2.5 billion for the first phase of Azadegan oilfield development project, Mehr reported quoting Petroleum Engineering and Development Company (PEDEC) managing director Naji Saduni as saying.
According to Saduni, at the first phase of Azadegan oilfield development project it is planned to increase oil production up to 270,000 barrels a day and in the second phase to 300,000 barrels a day.
Iran currently extracts over 55,000 barrels of crude oil per day from the field, Saduni said.
Azadegan is Iran's largest onshore oil field which the country shares with Iraq.
It is one of the biggest oil fields discovered in Iran in the past thirty years.
The field holds more than 42 billion barrels of oil.
On July 26, the European Union imposed new sanctions on Iran, which mainly target investment in and technical assistance to Iran's refining, liquefaction, and liquefied natural gas sectors.
The EU sanctions followed UN and US sanctions on Iran over its nuclear program.