Iran's North Azadegan field moves towards early production
Azerbaijan, Baku, June 25/Trend M. Moezzi
Iran's Oil Minister has asked for recommendations on moving ahead with Iran's 'early production' plan for the North Azadegan oil field.
Naji Saadouni, managing director for Iran's Petroleum Engineering and Development Company (PEDEC), said it is expected that North Azadegan's first phase will be ready to produce 75,000 barrels of oil in 17 to 18 months, Shana news agency reports.
The only delay in the project has had to do with the field's factory and that is also being resolved, said Mr. Saadouni.
Until now 15 wells have been drilled in the field and two drilling rigs are in the area. The goal is to develop the field's capacity to produce 120,000 barrels of oil in the next 52 months.
In 2009, the China National Petroleum Corporation and the National Iranian Oil Company signed a $1.76 billion deal to develop the neighbouring North Azadegan field where they hope to extract 75,000 bpd. Azadegan is one of the world's largest oilfields, with estimated reserves of 42 billion barrels.