Baku, Azerbaijan, June 7
By Fatih Karimov - Trend:
Development of Iran's North Azadegan oil field, shared with Iraq, is complete by 97 percent, SHANA news agency reported June 7.
Production in the first phase of the oil field's development is being realized as drilling of 58 wells in the phase has been completed.
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 oil field will produce 75,000 barrels of crude oil per day.
Currently talks are underway with China's CNPC for development of phase two of the oil field.
China's CNPC and Iran's Petroleum Engineering and Development Company have already signed an initial agreement to produce 25,000 barrels a day from the field in the second phase.
The North Azadegan oil field holds an estimated reserve of 6.5 billion barrels of crude oil.
North Azadegan is one of the five oil fields in southwest Iran, dubbed the West Karoun oil fields, which are currently producing 300,000 barrels of oil per day.