25 October 2021 - 14:47
  • News ID: 322996
Completing West Karun Projects Requires $11b: CEO

TEHRAN (Shana) -- The CEO of the National Iranian Oil Company said that $11 billion is needed to complete the West Karun projects.

Mohsen Khojastehmehr also stressed the need to change the overall format of oil contracts in order to avoid prolonged projects and increase productivity.

According to National Iranian Oil Company, in the welcome ceremony of the new CEO of the Petroleum Engineering and Development Company (PEDEC), the Khojastehmehr stressed the need for rapid implementation and of joint oil fields projects in the West Karun region in accordance with the plan, adding delays and shortcomings in the development of these fields have been due to defects in the contracts concluded between PEDEC and the developers.

The CEO of the National Iranian Oil Company announced the West Karun joint oil fields as the first priorities of NIOC for development, and addressing the new PEDEC CEO said: “We expect the development process of the South Azadegan joint field to be completed within a year.”

The Deputy Minister of Petroleum expressed his gratitude for the measures that had already been taken in the West Karun fields, and said: "Unfortunately, we could not proceed according to plan in this area and it is necessary to compensate for the shortcomings."

He continued: "If we want to complete the process of developing the second phase of North Azadegan and Yadavaran fields along with the development of South Azadegan and Yaran fields, we will need about 11 billion dollars in investment."

Khojastehmehr further said with the development of West Karun fields, more than one million barrels per day of crude oil will be produced in the region, which is one of NIOC’s priority projects.

News ID 322996


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