Tehran, Iran, May 13
By Kamyar Eghbalnejad - Trend:
Iran plans to increase the output of West Karoun oil fields by 1.25 million barrels per day, Mohammad Reza Asadi, director of engineering at Petroleum Engineering and Development Company (PEDEC), told Trend.
Asadi said that a finance mechanism is defined for development of the fields even in absence of foreign companies.
Yadavaran, North Azadegan, South Azadegan, North Yaran, and South Yaran oil fields are dubbed the West Karoun oil fields. The Economy Council of Iran has approved the development of West Karoun oil fields as the largest joint oil fields development plan.
Asadi said that Iran attaches high priority for development projects of the West Karoun, adding that the fields will have the main share in increase of Iran’s oil output from the current level of four million barrels per day to five million.
The official further said that Iran is negotiating with various consortiums for development of Azadegan oil field.
The oil ministry will hold a tender for the development of the field, he added.
It was earlier announced that invitations were sent to 29 international companies , including France’s Total, Royal Dutch Shell, Italy’s Eni, Lukoil and Gazprom of Russia, Danish conglomerate Maersk, China’s CNPC and Sinopec, Austria’s OMV and Schlumberger, which approved a bid in the country’s oil and gas tenders to participate in the tender for developing South Azadegan oilfield.
Asadi further touched upon the latest developments on Yadavaran oil field, saying it has the highest share in oil output increase of the West Karoun oil fields.
The avarage output of Yadavaran oil field currently stands at 100,000 b/d, he said.
Iran is currently in talk with China's Sinopec for developing the second phase of the field within the frame work of the newly designed oil and gas contracts, called Iran Petroleum Contract (IPC), Asadi noted.
The company already carried out the first development phase of Yadavaran and it was agreed to develop the second phase in buyback contract model, he said, adding that Sinopec has accepted to participate in tender for the second phase.
Asadi also said that commencing the second phase of the field would bring its production capacity to 500,000 b/d.