BAKU, Azerbaijan, May 4
By Elnur Baghishov - Trend
A contract has been signed to develop Sepehr and Jufair oil fields between National Iranian Drilling Company (NIDC), Pezhvak Energy Engineering Services Company (PECO) and Pasargad Energy Development Company (PEDC), Trend reports citing National Iranian Oil Company (NIOC).
According to the report, the value of the contract signed under the IPC (Iran Petroleum Contract) is $60 million.
“The NIDC will provide development services in addition to drilling development wells on a contract basis,” report said.
"NIDC plans to use two heavy drilling rigs at these two fields,” said NIDC’s managing director Abdollah Mousavi.
According to Mousavi, in addition to this project, NIDC is discussing cooperation with PEDC to drill and improve 10 more wells at these fields.
Sepehr field's reserves are estimated at 5.4 billion barrels of oil. The development and commissioning of this field were transferred to the Iranian Pasargad Energy Development company.
Jufair oil field's reserves are estimated at 4.4 billion barrels of oil. Its potential production reaches 390 million barrels. Some 50,000 barrels of oil are extracted from this field daily. The field development project also was transferred to the Pasargad Energy Development company.