BAKU, Azerbaijan, June 12. The sum of $350 million will be spent on the development of the Yadavaran field (Sindbad in Iraq), which is a common oil field in Iran and Iraq, Trend reports.
Meanwhile, an event dedicated to the development of Iran's Yadavaran oil field was held on June 12 in the format of a videoconference. Iranian Deputy Oil Minister and Executive Director of the National Oil Company Mohsun Khojastmehr, Executive Director of the Petroleum Engineering and Development Company Abouzar Sharifi, Executive Director of the National Mining Company Hamid Reza Golpaigani, and other officials attended the event.
Twenty-four new wells will be drilled as part of the preparatory work, which is scheduled to be completed within 24 months. The goal is to increase production from the field by 42,000 barrels per day.
Furthermore, roads will be constructed, and communications will be rehabilitated at the sites where the wells will be dug.
To note, the Yadavaran oil field, located 60 km southwest of the city of Ahvaz, Khuzestan province, on the Iran-Iraq border, has oil reserves of 6.3 billion barrels. The production of 6.2 billion barrels is reportedly possible. In the first phase of the field, 49 wells are producing more than 110,000 barrels of oil daily.
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