BAKU, Azerbaijan, March 1
By Elnur Baghishov – Trend:
A new project to increase the oil extraction from the joint Iran-Iraq Azar oil field (called Badra in Iraq) will be launched on March 1, Trend reports citing official website of the National Iranian Oil Company (NIOC).
According to the report, about 1.4 billion euro has been spent within the plan, according to which, the extraction from the field will reach 65,000 barrels of crude oil per day.
Most of the funds were provided by the National Development Fund of Iran, a part by the NIOC and the rest - by bank loans. About 75 percent of the equipment used under the plan was produced domestically, as well as 55 percent of the used workforce amounted to local workforce.
“The preliminary extraction from the Azar oil field was launched in March 2017, and the crude oil extraction potential from this field was 30,000 barrels daily,” the report said.
Some 20 wells with a total depth of 88 km were drilled at the field and 31.5 million barrels of crude oil were extracted from the field, the report said.
Reportedly, Iran's Azar oil field contains some 2.5 billion barrels of crude oil, of which 400 million barrels can be extracted.