05 March 2011
A contract worth $1.5 billion will be signed with an Iranian consortium to develop Azar oilfield in near future, managing director of the Petroleum Engineering and Development Company (PEDEC) Naji Sa'douni said.
Sa'douni told Shana that by development of the field Iran's oil production capacity would rise by 65 thousand barrels per day, adding Bank Saderat would help bankroll the project.
Referring to completion of preliminary works for starting drilling, Sa'douni said location of drilling wells had been specified and drilling rigs would be transferred to the area in the next three or four months.
On plans to increase oil production from the West of Karoun oil region, Sa'douni stated that the region's oil production capacity would rise to 1.5 million barrels per day over a 10 year period of which 1.1 million barrels per day would come from North Azadegan, South Azadegan, Yadavaran and Azar oil fields.
According to Shana, several domestic and foreign oil companies have offered their plans to develop the field.
It had been previously announced that the Azar oilfield development plan would cost around $1.4 billion and that the early production of 20,000 barrels of crude per day will start by March 2012.
The Azar joint oilfield is located at the Anaran block, west of Iran, and its total reserves along with the Iraqi side, which is called Badra, is estimated to be 400 million barrels.
Once the development plan is completed, the oilfield will produce 50,000-65,000 barrels of light crude per day for a period of 25 years.
An official source with Iraq's oil ministry said in May the ministry is currently developing several oilfields shared with neighboring countries, Iraq-business news website reported.
The Iraqi oil ministry has developed a part of the Badra field and has extended an invitation to the Iranian side to develop the Azar field in its territory.
Meanwhile, Sa'douni said last week that a contract to develop Darkhovain oil field's third phases would be signed in next two months.
On the sidelines of the inauguration ceremony of a road in the West of Karoun oil region, the official said that the contract would be signed with an Iranian consortium.
Emphasizing on domestic capabilities to develop oil fields, the official noted that the Italian company, Eni, would not be present in the phase.
Stating that Iran's Bank Tejarat will provide financial resources for the project, he added that negotiations on development of the project were underway.
By implementation of the Darkhovain oil field's third phase, production capacity of the field will rise to 260,000 barrels a day.
A contract worth $1.5 billion will be signed with an Iranian consortium to develop Azar oilfield in near future, managing director of the Petroleum Engineering and Development Company (PEDEC) Naji Sa'douni said.
Sa'douni told Shana that by development of the field Iran's oil production capacity would rise by 65 thousand barrels per day, adding Bank Saderat would help bankroll the project.
Referring to completion of preliminary works for starting drilling, Sa'douni said location of drilling wells had been specified and drilling rigs would be transferred to the area in the next three or four months.
On plans to increase oil production from the West of Karoun oil region, Sa'douni stated that the region's oil production capacity would rise to 1.5 million barrels per day over a 10 year period of which 1.1 million barrels per day would come from North Azadegan, South Azadegan, Yadavaran and Azar oil fields.
According to Shana, several domestic and foreign oil companies have offered their plans to develop the field.
It had been previously announced that the Azar oilfield development plan would cost around $1.4 billion and that the early production of 20,000 barrels of crude per day will start by March 2012.
The Azar joint oilfield is located at the Anaran block, west of Iran, and its total reserves along with the Iraqi side, which is called Badra, is estimated to be 400 million barrels.
Once the development plan is completed, the oilfield will produce 50,000-65,000 barrels of light crude per day for a period of 25 years.
An official source with Iraq's oil ministry said in May the ministry is currently developing several oilfields shared with neighboring countries, Iraq-business news website reported.
The Iraqi oil ministry has developed a part of the Badra field and has extended an invitation to the Iranian side to develop the Azar field in its territory.
Meanwhile, Sa'douni said last week that a contract to develop Darkhovain oil field's third phases would be signed in next two months.
On the sidelines of the inauguration ceremony of a road in the West of Karoun oil region, the official said that the contract would be signed with an Iranian consortium.
Emphasizing on domestic capabilities to develop oil fields, the official noted that the Italian company, Eni, would not be present in the phase.
Stating that Iran's Bank Tejarat will provide financial resources for the project, he added that negotiations on development of the project were underway.
By implementation of the Darkhovain oil field's third phase, production capacity of the field will rise to 260,000 barrels a day.
© Iran Daily 2011
