BAKU, Azerbaijan, July 20
By Elnur Baghishov – Trend:
A contract will be signed July 20 to develop the Iran-Iraq joint South Azadegan oil field and increase its production, Trend reports citing the National Iranian Oil Company’s official website.
According to the report, the contract on development of field will be signed between the Petroleum Engineering and Development Company (PEDEC) and PetroPars Company as a contractor.
“The purpose of signing the contract is to extract 320,000 barrels of oil per day from this field. The contract is signed for 30 months.
In addition, the PEDEC and PetroPars Company will sign a contract to build a Central Treatment Export Plant (CTEP) to process 320,000 barrels of oil per day.
The contract will cost about $300 million and will be implemented during 30 months, according to the report.
The Iran-Iraq joint South Azadegan oil field is located in the western part of the Karun River on the border with Iraq.