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Iran's NIOC holding discussions with foreign company regarding Susangerd field

Oil&Gas Materials 28 January 2021 13:59 (UTC +04:00)
Iran's NIOC holding discussions with foreign company regarding Susangerd field

BAKU, Azerbaijan, Jan. 28

By Elnur Baghishov – Trend:

The National Iranian Oil Company (NIOC) is discussing with a foreign company for the development of the Susangerd oil field in the Khuzestan Province (southwestern Iran), CEO of PetroIran Development Company (PEDCO) Sepehr Sepehri told IRNA, Trend reports.

The CEO stressed that in this regard, the first contract on IPC (Iran Petroleum Contract) was signed between the NIOC and a foreign company within the field development plan. Over the next month, the PEDCO must submit a proposal to the NIOC to expand the field.

“If the technical proposal is finally accepted, the final contract will be signed. According to the proposal, 1.2 billion euro is to be invested on the development of the Susangerd oil field. Thus, the extraction from this field will increase by 60,000-100,000 barrels daily,” he added.

Sepehri noted that the share of foreign companies in IPC contracts is 80 percent, and the share of Iranian companies is 20 percent. However, PetroIran Company intends to increase the share of the Iranian company to 40 percent with local investments.

Iran's Susangerd oil field contains 5.39 billion barrels of crude oil. It is estimated that 1.14 billion barrels can be extracted. The oil to be extracted in this field is heavy oil. Three exploration wells have been drilled in this field, but no oil is extracted from the field.

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