BAKU, Azerbaijan, August 20. Iranian Offshore Oil Company (IOOC) will soon begin the development of the 1st phase of the Iran-Saudi Arabia joint Esfandiar oil field (called Lulu in Saudi Arabia), the CEO of the IOOC Alireza Mehdizadeh said, Trend reports citing the company’s website.
The CEO noted that the development work is expected to be completed in 36 months.
Mehdizadeh added that the program for the development of the 1st phase of the Esfandiar oil field has been prepared and approved by the National Iranian Oil Company (NIOC).
“According to the results of research, 4 production wells will be drilled and necessary equipment will be installed in this field, which is located 95 km southwest of Kharg Island in Hormozgan Province (southern Iran). The oil produced from this field will be transported to Kharg Island for refining,” he said.
Mehdizadeh also pointed out that a delineation well will be drilled for further study of the Esfandiar oil field. Preparation of projects related to the next phases of the field is on the agenda of the NIOC.
Reportedly, Iran's Esfandiar oil field contains 532 million barrels of crude oil.
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