Iran not Lagging Behind in Extraction from West Karoon Oilfields: PEDEC CEO

TEHRAN (Shana) -- Iran is not lagging behind in extraction from the West Karoon oilfields, southwest Iran, the country jointly shares with Iraq, said the managing director of Petroleum Engineering and Development Company (PEDEC).

West Karoon’s power plant will become operational by March 2020, added Touraj Dehqani, speaking on the sidelines of the 24th Iran Oil Show in the Iranian capital of Tehran on Friday (May 3).

Commenting on PEDEC’s performance during the year to March 2019, he said in the past two decades, the company has been responsible for developing Iran’s oilfields, particularly those of in the West Karoon region.

Dehqani said during the past 20 years, the company’s main focus has been on developing the West Karoon oilfields.

As a high potential and newly discovered region, West Karoon sits on over 70 billion barrels of oil reserves, he added.

Describing unilateral US sanctions on Iran as unfair and unprecedented, the company’s CEO said favorable financial resources have been allocated for developing the West Karoon oilfields and remarkable achievements have been made in this field.

“We are not lagging behind in extraction from these joint oilfields compared to our partner and competitor, Iraq. We have managed to defend the country’s national interests under the present critical circumstances thanks to our colleagues’ efforts.”   

Turning to the construction of a power plant in the West Karoon region, he said once the plant becomes operational, the PEDEC will be able to use the electricity it generates for its trade activities, which will be a great achievement.

The 24th Iran International Oil, Gas and Petrochemical Exhibition (Iran Oil Show 2019) began on Wednesday (May 1) and will continue until May 4 (Saturday).

News ID 288911


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