BAKU, Azerbaijan, August 16. After spending over two years developing wells at Sepehr and Jufair oil fields, Iran is expecting to receive oil from them, Trend reports.
Speaking about this issue, an official of the National Iranian Drilling Company (NIDC), Reza Mehdipour said that Iran has been developing three wells at the Sepehr and one at the Jufair oil field since 2021.
He went on to add that the 1st stage of field development has already been completed, and it is expected that production of 20,000 barrels of crude oil per day should begin at both fields between August 24 through August 31.
In May 2020, a contract was signed among the National Iranian Drilling Company, Pezhvak Energy Engineering Services Company (PECO) and Pasargad Energy Development Group for the development the Sepehr and Jufair oil fields. The value of the contract signed under IPC (Iran petroleum contract) was $60 million.
Sepehr field's reserves are estimated at 5.4 billion barrels of oil, of which 450 million barrels are extractable. Jufair oil field's reserves are estimated at 4.4 billion barrels of oil. Its potential production reaches 390 million barrels, of which 390 million barrels are extractable.
Both fields are operated by Iran’s Petroleum Engineering and Development Company (PEDEC).
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