BAKU, Azerbaijan, March 28. Iran has a number of programs to develop its joint oil and gas fields with foreign countries, Iranian Deputy Oil Minister and the CEO of the National Iranian Oil Company (NIOC), Mohsen Khojasteh Mehr said, Trend reports citing the company’s website.
In this regard, Iran needs about $8 billion to develop its joint oil and gas fields with Iraq around the west of the Karun River, the deputy minister said.
Khojasteh Mehr added that along with local companies, it is planned to use the potential of foreign investors to develop joint oil and gas fields.
Moreover, it is also planned to establish a consortium of Iranian companies and use its potential to develop the second phase of the South Azadegan oil field, the CEO noted.
Iran's Azadegan oil field is located 80 km southwest of Ahvaz city in the Khuzestan Province (southwestern Iran). It is estimated that the field contains about 32 billion barrels of oil. In Iran, this field is usually divided into two parts - North Azadegan and South Azadegan.
Iran's North Azadegan oil field is being developed by the Iranian Petroleum Engineering and Development Company (PEDEC). As a result of development, the extraction from this field will increase by daily 75,000 barrels in the first stage, and by 150,000 barrels in the second stage.
Reportedly, daily 55,000 barrels of oil are extracted from this field at present.
At present, crude oil extraction from Iran's South Azadegan oil field is 85,000 barrels daily. The field contains 28.2 billion barrels of crude oil, of which 1.6 billion barrels can be extracted.
According to the first plan for the development of this field, daily 320,000 barrels of crude oil and 197 million cubic feet (about 7 million cubic meters) of natural gas will be extracted from the field.
According to the second plan, daily 280,000 barrels of crude oil will be extracted from the field. In total, 600,000 barrels of crude oil daily will be extracted from the Azadegan oil field.
According to the Khojasteh Mehr, Iran is implementing a plan to increase extraction from the Sepehr and Jufair oil fields. Under this plan, extraction from these fields will increase in the current Iranian year (March 21, 2022 through March 20, 2023).
In 2018, the National Iranian Oil Company (NIOC) and Pasargad Energy Development Company (PEDC) have signed a contract worth $2.43 million for the development of Iran's Sepehr and Jufair fields.
According to the contract, oil extraction from these fields will be increased by 110 million barrels daily. A total of 512 million barrels of crude oil will be extracted from these fields during the 20-year contract.
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