European and Asian companies seeking to develop Iranian West Karoun oilfields
Baku, Azerbaijan, Jan. 9
By Fatih Karimov - Trend:
European and Asian companies are seeking to develop Iranian West Karoun oilfields.
Abdorreza Hajhosseinnejad, Managing Director of Iran's Petroleum Engineering and Development Company, said that European and Asian companies offer proposals constantly to participate in the development of West Karoun oilfields, Iran's IRNA news agency reported on Jan. 8.
West Karoun oilfields are associated with Iraq in southwest of the country.
The oilfields are currently producing 300,000 barrels per day. The production capacity is scheduled to reach 1.4 million barrels per day by 2021.
South Azadegan oilfield, which is the largest field in the West Karoun region, will produce 600,000 barrels of oil per day.
South Azadegan, North Azadegan, Yadavaran, North Yaran, and South Yaran oilfields are located in the region.
The Economy Council of Iran has approved the development of West Karoun oilfields, as the largest joint oilfields development plan.
Investment of some $15.2 billion is projected for the plan over the course of four years.
Iranian Oil Minister Bijan Namdar Zanganeh has said that the development of joint oil and gas fields is a national task.