Tehran, Iran, May 25
By Kamyar Eghbalnejad - Trend:
Iran has awarded the North Azadegan oil field to one of the country’s private oil firms for development.
Mehrdad Davoodi, the head of the Oil Industries Commissioning and Operation (OICO), said OICO will officially start developing the North Azadegan oil field after winning an international tender.
He added the firm deployed its field equipment and tools for exploration to the oil field after winning the bid.
Onshore development of the field will take two years, Davoodi said, adding that the project will be complemented within five years on the whole.
Iran discovered Azadegan oil field in 1999 in what was the country’s biggest oil find in decades. The country accordingly teamed up with Japan’s Inpex to push the project towards development. However, the Japanese company quit the project as a result of US sanctions against Iran.
The NIOC later divided the project into South Azadegan and North Azadegan. The northern section of the oil field was expected to be awarded to China’s CNPC.
Iran is now seeking foreign investment in the development of South Azadegan, which it shares with Iraq, after the removal of anti-Tehran sanctions as part of last July’s nuclear deal with world powers. The country has five joint fields with Iraq - North Azadegan, South Azadegan, North Yaran, South Yaran and Yadavaran.