...

Iran estimates its oil revenues from Azadegan field, considering oil prices

Oil&Gas Materials 6 July 2022 10:58 (UTC +04:00)
Iran estimates its oil revenues from Azadegan field, considering oil prices
Elnur Baghishov
Elnur Baghishov
Read more

BAKU, Azerbaijan, July 6. Iran will generate more than $115 billion in revenue from the Iran-Iraq joint Azadegan oil field (called Majnoon in Iraq) within 20 years, with the price of 1 barrel of oil at $80, Iranian Oil Minister Javad Owji said, Trend reports citing Shana News Agency.

Owji noted that a total of 24,000 people will be provided with jobs during the development of this field.

The minister also added that operational work on the development of this field will begin soon.

“In this regard, more than 420 wells will be drilled, 5 manifolds will be built and 315,000-320,000 km long of pipelines will be laid,” he said.

According to Owji, about $7 billion will be spent on the development of the Azadegan oil field. As a result, Iran's production capacity from the field will increase to daily 220,000 barrels initial stage and to 570,000 barrels in the next 7 years.

On July 5, an agreement was signed among the National Iranian Oil Company (NIOC) and Iranian state and private banks and drilling companies on the development of the Azadegan oil field.

Iran's Azadegan oil field is located 80 km west of Ahvaz city in Khuzestan Province (south-western Iran). This field contains about 32 billion barrels of crude oil. At present, Iran extracted 190,000 barrels of oil from the field per day.

---

Follow the author on Twitter:@BaghishovElnur

Tags:
Latest

Latest