BAKU, Azerbaijan, June 8. The Iranian Petroleum Engineering and Development Company (PEDEC) will hand over the management over the Iran-Iraq joint Azar oil field (called Badra in Iraq) to the Iranian Central Oil Fields Company (ICOFC), Trend reports citing the ICOFC’s website.
In this regard, a meeting was held among the CEO of the ICOFC Mehdi Heydari, CEO of the PEDEC Abouzar Sharifi and other officials of both companies at the Iranian Central Oil Fields Company on June 8, 2022.
At the meeting, it was agreed to determine the schedule for the field to be handed over to other management.
The current crude oil production capacity of the Azar oil field in Iran's Ilam Province is 65,000 barrels per day.
The Azar oil field is one of the joint oil fields between Iran and Iraq. The field contains 2.5 billion barrels oil reserves, of which 400 million barrels are extractable.
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