Russian Gazprom, Iran’s OIEC‎ submit develop plans for Iran oilfields

Business Materials 19 December 2017 17:18 (UTC +04:00)

Baku, Azerbaijan, Dec. 19‎

By Fatih Karimov – Trend:‎

Russian energy company Gazprom Neft and Oil Industries' Engineering and Construction (OIEC)‎ of Iran submitted their joint plans to the National Iranian Oil Company (NIOC) to develop two oil fields in Iran.

Representatives of the companies outlined their master development plans for Changuleh and Azar oilfields during a meeting with Gholamreza Manouchehri, deputy head of the NIOC for development and engineering affairs, the National Iranian Oil Company said.

Earlier in July 2017, Russia’s Gazprom signed a cooperation agreement with OIEC over the development of two the major oil fields in western Iran.

Changuleh, a joint field with Iraq, was discovered in 1999 as a result of explorations conducted by a consortium comprising Russia’s Lukoil and Norway’s Statoil. The field's development is estimated to require an investment of $2.2 billion.

The oilfield, located near the Iraqi border, is estimated to hold 7 billion barrels of oil reserves. Production is expected to go as high as 75,000 barrels per day upon completion.

The Azar, also one of the joint fields with Iraq, spans an overall area of 482 square kilometers in southeast of Mehran town in the western Iranian province of Ilam. The field is estimated to hold 2.5 billion barrels of oil in place. The volume of possible oil reserves to be extracted from Azar field is estimate to be around 400 million barrels.

NIDC also announced Dec. 19 that OIEC has submitted its master development plan for Sepehr oil field during a meeting with Manouchehri.

The plan is prepared jointly with Chinese CPC and multinational Pergas consortium.