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Iranian government approves NIOC’s significant oil-gas projects

Oil&Gas Materials 30 June 2022 13:23 (UTC +04:00)
Iranian government approves NIOC’s significant oil-gas projects
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, June 30. Three strategic projects of the National Iranian Oil Company (NIOC) worth $4.4 billion have been approved by the Iranian government's economic council on June 29, Iranian Deputy Oil Minister and the CEO of the National Iranian Oil Company (NIOC), Mohsen Khojasteh Mehr said, Trend reports citing Shana News Agency.

According to Khojasteh Mehr, the first project of the NIOC is related to the Changuleh oil field. Thus, the development of the first phase of the field will cost $300 million.

“In this regard, 6 delineation wells will be drilled in the Changuleh field, 2 wells will be repaired, as well as a 120-kilometer pipeline will be laid from the field to the Dehloran processing center, and a 30-kilometer pipeline - from the field to the Azar oil field. The aim of this project is to increase production from the Changuleh oil field to 15,000 barrels per day,” he said.

The deputy minister also pointed out that the second project is to increase the production of low-production wells. About $500 million will be spent in this regard. Under this project, contracts will be signed with startup companies.

“Meanwhile, the third project is related to the development of 12 gas fields in the territory of Iranian Central Oil Fields Company (ICOFC) and the construction of the second unit of the Farashband gas refinery,” the CEO added.

Khojasteh Mehr noted that a total of $3.6 billion is to be spent in this regard. With the development of the mentioned 12 fields, 140 million cubic meters of gas and about 100 million barrels of gas condensate per day will be added to Iran's gas and gas condensate production.

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