BAKU, Azerbaijan, July 11
By Elnur Baghishov – Trend:
The government's revenues from Iran’s Yaran oil field jointly developed with Iraq (the field is called Majnoon field in Iraq) will exceed $2 billion, Iranian Deputy Oil Minister and CEO of the National Iranian Oil Company (NIOC) Masoud Karbasian said, Trend reports referring to the NIOC website.
According to Karbasian, the total cost of developing the new oil field is more than $300 million, and this investment will be provided by Iran’s Persia Oil and Gas Industry Development Company, the project contractor.
The contract between NIOC and Iran's Persia Oil and Gas Industry Development Company for the development of Yaran joint oil field in Khuzestan Province was signed today, July 11. 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 the extraction of a total of about 39.5 million barrels of additional oil over 10 years.
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.