BAKU, Azerbaijan, July 3. The main goal of Iran’s Tadbir Energy Development Group is to actively participate in oil and gas projects of the country, Director of the group, Hamid Reza Khalili uttered at an event dedicated to the signing of a memorandum on increasing ethane production between Iran’s South Pars Gas Company and Tadbir Energy Development Group in Tehran on July 3, 2023, Trend reports.
“One of these projects is the development of the Kupal oil field in Iran’s Khuzestan Province in the south-west of the country. The objective is to increase production from this field to 85,000 barrels per day. The Kupal oil field is being developed with the participation of an overseas company involving an investment of $950 million. The foreign company's share in the development of the field is 80 percent,” he said.
Reportedly, there are 5.6 billion barrels of crude oil in the Kupal oil field.
Khalili added that Tadbir Energy Development Group is taking steps towards the production of ASP pumps and overhaul of gas stations with an investment of approximately 280 million euros. At the same time, the group is focusing on drilling and putting into operation 15 oil and gas wells.
The director also pointed out that as a result of the participation of Tadbir Energy Development Group as one of the investors, a petrochemical plant was built in Palayesh Parsian Sepehr Company. The mentioned plant was built with an investment of $75 million. On average, about 3.4 million tons of different products are produced at this plant per year. Of this, 1.4 million tons accounted for ethane, and 2 million tons for liquefied petroleum gas (LPG) and naphtha products.
“In addition, a contract for the development of the North Yaran oil field was signed between the National Iranian Oil Company (NIOC) and the Tadbir Energy Development Group over the last Iranian year (March 21, 2022 through March 20, 2023). Currently, work is underway within the framework of the contract,” Khalili noted.
Iran's Yaran oil field consists of two parts: North Yaran, and South Yaran. It is forecast that Iran's Yaran oil field contains about 2 billion barrels of crude oil. It is possible to extract about 100 million barrels of it. At present, daily 40,000 barrels of crude oil are extracted from this field. In total, Iran plans to extract 39.5 million barrels of crude oil from the field over 10 years.
On July 3, the CEO South Pars Gas Company (SPGC), Ahmad Bahush, and, Director of the Tadbir Energy Development Group, Hamid Reza Khalili signed a memorandum on increasing ethane production at South Pars Gas Company .
Iran’s South Pars Gas Company has the capacity to produce 15,500 tons of ethane per day. A certain part of the produced ethane is sent as fuel to Iran's Morvarid Petrochemical Company, Kavian Petrochemical Company and Jam Petrochemical Company.
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