Development of Iran’s North Azadegan oilfield complete by 94%

Business Materials 29 July 2015 12:11 (UTC +04:00)

Baku, Azerbaijan, July 29

By Fatih Karimov - Trend: Development of Iran's North Azadegan oilfield, shared with Iraq, is complete by 93.6 percent, said Keramat Behbahani, North Azadegan oilfield's development project manager.

Some of the production units in the oilfield have already come on stream, Iran's Shana news agency quoted Behbahani as saying July 29.

He added that the development progress was 48 percent in September 2013, but reached 63.5 percent in March 2014.

Once the development plan is completed, each of the two phases of the oilfield will produce 75,000 barrels of crude oil per day, he noted.

North Azadegan oilfield holds an estimated reserve of 6.5 billion barrels of crude oil.

North Azadegan is one of five oilfields in southwest Iran, dubbed the West Karoun oilfields, which are currently producing 300,000 barrels of oil per day.

The production capacity is scheduled to reach 1.4 million barrels per day by 2021.

Yadavaran, North Azadegan, South Azadegan, North Yaran, and South Yaran oilfields are dubbed the West Karoun oilfields.

Projections are for some $15.2 billion to be invested in the five oilfields over the course of four years.

Edited by CN