TEHRAN, Iran, Sept. 24
Trend:
Iran invested some $10 billion into development of the Azar oil field, with a payback period of two years, Iran's Oil Minister Jawad Owji said, Trend reports via IRNA.
Owji made the remark during his Friday visit to the Ilam Province.
"The priority of the Ministry of Oil is the development of Ilam province's oil fields,” Owji said, adding that 330,000 barrels of oil will be produced daily in this province in the coming years.
He went on to announce that the Planning and Budget organization of Iran seeks to increase the credit for development of Ilam Province`s oil fields due to high production potential.
“The Ministry of Oil has allocated $23 million for 117 oil projects in the country, including the Ilam Province,” he said.
Azar, 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 the Azar field is estimated to be around 400 million barrels.