Baku, Azerbaijan, May 11
By Emil Ilgar – Trend:
Iran developed the first phase of Azer oil field by 65.99 percent as of April 20, a report prepared by Oil Ministry and seen by Trend indicates.
Iran started 15,000 barrels per day of oil production from Azer field in March from four wells and further four wells is expected to become operational during the current fiscal year to add further 15,000 b/d to the output level.
The project is expected to go fully operational by October 2018, and produce 65,000 b/d of oil and 2 mcm/d of associated gas.
The Azer field contains 2.5 billion of in-situ oil reserves with 32° API of which 390 million barrels is recoverable.
Iran plans to develop five fields in West Karoon as well as Azer field to add 350,000 b/d of oil to production level by March 20, 2018.
Ali Kardor, CEO of National Iranian Oil Company said earlier that the active oil fields would lose 300,000 b/d of their productivity by the end of current fiscal year (March 20, 2018). Therefore, Iran’s total oil output would increase 50,000 during the current fiscal year.
About 80 percent of Iran’s active fields are in their second half-life and lose 8-12 percent of their productivity annually.