BAKU, Azerbaijan, Jan. 11
By Elnur Baghishov – Trend:
The Azar oil field (called Badra in Iraq), which is Iran-Iraq joint oil field, will be officially put into operation soon, the CEO of Oil Industries Engineering & Construction Group (OIEC), Gholamreza Manouchehri told Shana news agency, Trend reports.
The CEO emphasized that the field has the potential to produce 71,500 barrels of crude oil and 78 million cubic feet (2.2 million cubic meters) of gas per day.
He added that the extraction from the Azar oil field began in March 2016 with the extraction of 15,000 barrels of crude oil daily. This figure reached to daily 30,000 barrels in 2017.
Manouchehri noted that while at the end of last Iranian year, the extraction from this oil field exceeded 65,000 barrels daily.
According to the CEO, 1.4 billion euro has been spent on the development of the Azar oil field, so far.
As reported, so far, more than 30 million barrels of oil have been extracted from Iran's Azar field, as part of extraordinary extraction.
The Azar oil field is one of the joint oil fields of Iran and Iraq. The Azar oil field contains 2.5 billion barrels of oil reserves and about 400 million barrels of it can be extracted. Iran extracts oil from 8 wells in this field. Iran's extraction from the Azar oil field was daily 15,000 barrels in March 2017 and this extraction has reached daily 30,000 barrels in May 2017.
As reported, 65,000 barrels of oil and 78 million cubic meters of gas will be extracted from the field per day with the increasing of the number of extraction wells to 11.
Iran has 125 oil fields and 59 gas fields. The country's total hydrocarbon reserves are estimated at 836 billion barrels. With available technology and equipment, Iran can extract 239 billion barrels. Thus, 29 percent of the country's hydrocarbon reserves are recoverable, while 71 percent remain underground.