BAKU, Azerbaijan, July 11
By Elnur Baghishov – Trend:
The National Iranian Oil Company (NIOC) and Iran's Persia Oil and Gas Industry Development Company signed a contract for the development of Yaran joint oil field (it is called Majnoon field in Iraq) in Khuzestan Province in southwestern Iran, Trend reports citing NIOC’s website.
The contract was signed by Deputy Director of NIOC Reza Dehghan and Executive Director of the Persia Oil and Gas Industry Development Jafar Hejazi.
The Yaran Oil Field is one of the jointly implemented Iranian-Iraqi projects. It is located to the west of the Karun River and 130 km southwest of the Ahvaz County of Iran’s Khuzestan Province
The contract provides for extraction of a total of about 39.5 million barrels of additional oil over 10 years. Under the agreement, $294 million will be spent for these operations. In addition, a number of facilities related to oil sector worth $ 236 million will be commissioned during the contract period.
Furthermore, three new wells will be drilled in the northern part of the Yaran field and three in the southern part. In addition, one delineation well and one water injection well will be drilled, five existing wells will be repaired, and 27 production wells will be equipped with in-well pumps.
Iran's Yaran field contains about 1.55 billion barrels of crude oil. It is estimated that 100 million barrels of it can be extracted. At present, the field produces 15,000 barrels of oil per day.