BAKU, Azerbaijan, July 4. Iran will launch the unfinished facilities in the oil sector by spending $13 billion for the current Iranian year (March 21, 2022 through March 20, 2023), Iranian Oil Minister Javad Owji said, Trend reports citing Shana News Agency.
He made the remark at a meeting dedicated to the investment opportunities in the oil sector on July 2.
Owji stressed that the timetable for the launch of oil facilities has already been determined and the facilities will be launched with the support of the joint consortium created with Iranian banks.
The minister noted that Iran signed 45 contracts and agreements in the oil and gas sector worth $16 billion over the last Iranian year (March 21, 2021 through March 20, 2022).
Owji also said that, last year, a number of agreements were reached with foreign companies on the making of $4.5 billion worth of foreign investment in Iran’s oil and gas facilities. It is hoped that the contracts will be signed soon in this regard.
"The development of the Azadegan oil field is one of the priorities of the Iranian Oil Ministry. As an expert on oil and gas reservoirs, I note that the maximum capacity of this field can increase to 590,000 barrels per day. However, Iran currently produces 190,000 barrels of crude oil per day from this field,” he added.
The minsiter pointed out that the National Iranian Oil Company (NIOC) conducts discussions with 5-6 companies and banks of Iran, as well as the National Development Fund of Iran (NDF), regarding the spending of funds worth $7 billion in the direction of the development of the Azadegan oil field. Based on the program, many wells should be drilled in this field.
Iran's Azadegan oil field is located 80 km west of Ahvaz city in Khuzestan Province (south-western Iran). The field reportedly contains about 32 billion barrels of oil.
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