Iran defines plans for oilfields joint with other countries

Oil&Gas Materials 5 February 2020 12:17 (UTC +04:00)
Iran defines plans for oilfields joint with other countries

BAKU, Azerbaijan, Feb. 5

By Elnur Baghishov - Trend:

Iran’s plans for oil and gas fields owned jointly with other countries have been defined, Iran’s Oil Minister Bijan Zanganeh said, Trend reports referring to the Shana news agency.

Zanganeh noted that the situation on the Iran-Iraq joint Azar oil field is good and extraction from the field is expected to increase by the end of this Iranian year (March 21, 2020).

Azar field is one of Iran’s joint oil fields with Iraq. Iran operates 8 wells on the Azar field. In March 2017, Iran’s first extraction from the Azar field was 15,000 barrels a day, and in May 2017 it reached 30,000 barrels a day. With the number of operating wells reaching 11, some 65,000 barrels of oil and 78 million cubic meters of gas will be extracted. Oil reserves of the Azar field are estimated at 2.5 billion barrels and 400 million barrels of oil are expected to be extracted.

The Iranian oil minister added that the situation on the Farzad B field, which Iran shares with Saudi Arabia, has been defined.

Farzad B, an Iran-Saudi Arabia joint gas field, has gas reserves of about 614 billion cubic meters (21.7 trillion cubic feet). Some 353 billion cubic meters (12.5 trillion cubic feet) of this volume can be extracted. Iran plans to extract about 31.1 million cubic meters (1.1 billion cubic feet) of gas daily during the first phase of the development of this field, according to the plan. Iran plans to develop this field with India.

Zanganeh noted that work is underway on the Forouzan oil field, Iran’s joint field with Saudi Arabia.

Forouzan is an Iran-Saudi Arabia joint oil field (called Marjan in Saudi Arabia). Iran has 53 wells on the Forouzan field. Iran extracts 40,000 barrels of oil daily from this field. Iran intends to increase extraction from this field to 99,000 barrels daily.

Zanganeh also said that Iran has signed an agreement to develop the Bilal gas field.

The Iran-Qatar joint Bilal gas field is located east of the South Pars gas field and 90 kilometers south-west of Iran’s Lavan Island. The contract regarding this gas field was signed in September last year. According to the agreement, the gas field’s development will last for 34 months and investments in the field stand at $440 million. Some 14.1 million cubic meters (500 million cubic feet) of sour gas will be extracted daily from this field.