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Iran spends over $21B to develop joint oil fields with Iraq

Business Materials 10 July 2017 16:24 (UTC +04:00)

Baku, Azerbaijan, July 10

By Khalid Kazimov – Trend:

Iran has, so far, invested $21.5 billion to develop its joint oil fields with Iraq in a bid to boost crude output from the West-Karoun oil block in the southwestern province of Khuzestan.

The head of Petroleum Engineering and Development Company, Seyed Nurodin Shahnazizadeh, has said that the total output of the West-Karoun oil fields is expected to climb to 368,000 barrels per day by next March, IRNA news agency reported.

The official further added that the daily output level of the Azadegan oil field in West Karoun stands at 83,000 barrels which is projected to hit 140,000 barrels by the end of the current Iranian calendar year (ending March 20).

Speaking about the other fields of the West Karoun region, he touched upon the daily production of Azer oil field saying its current output stands at 30,000 barrels per day.

West Karoun oil block includes Yaran, Yadavaran and Azadegan as well as several small fields, holding an estimated 67 billion barrels of oil in place.

According to Iranian sources, the country still needs to put $15 billion in investment in order to bring the oil block’s production level to its final capacity of 1.3 million barrels per day.

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