Iran to develop Sepehr and Jafir oil fields
Tehran, Iran, Oct.15
Iran plans to develop Sepehr and Jafir oil fields and increase oil production in the long term, Managing Director of Pasargad Energy Development Company(PEDC) Mehdi Mir Moezzi told Trend.
"The development contract has become effective since two weeks ago, while in recent days the first Joint Management Committee (JMC) has been held with National Iranian Oil Company that has launched the plan," he said.
"The contract's direct investment value is $2.42 billion for 20 years. In the first five years of the project $500 million would be invested," he added.
"The first targeted production is 21,000 barrels of oil per day after 30 months and the figure would increase to 110,000 barrels of oil after four years. The estimated cumulative production in the field is 500 million barrels," he said.
"We seek to provide finance for the project via the National Development Fund, but considering the situation we are not too hopeful, and try to progress the project through shareholders, domestic investors," he said.
"There have been plans to use foreign companies to handle the contract and we even finalized negotiations with two companies that left due to US withdrawal from the Joint Comprehensive Plan of Action, however we are still seeking foreign partners," Moezzi said.