Integrated Development MoU of Azadegan Joint Oilfield to be signed with Iran Banks

TEHRAN (Shana) -- The CEO of the National Iranian Oil Company (NIOC) said the memorandum of understanding (MoU) for the integrated development of the Azadegan join oilfield would be signed in the presence of senior officials of the country by the NIOC, Iranian banks and exploration and production companies.

According to NIOC, Mohsen Khojastehmehr said in this regard in the meeting to review and brainstorm implementation mechanism of banks' participation in the mega project of the integrated development of Azadegan Field, the technical, financial and legal dimensions of this plan were outlined, and the bank managers also discussed issues about the project.

Referring to the presence of the Minister of Petroleum in the meeting, he added: “By attending this meeting, the Minister of Petroleum emphasized the full support of the Ministry of Petroleum for the presence and investment of banks in development projects and emphasized the facilitation of the fields for increasing the participation of Iranian banks and companies.”

The NIOC CEO further said: “This joint field covers an area of ​​1,500 square kilometers and is located 80 kilometers west of Ahvaz city, southwestern Iran, and amount of its in-place oil is estimated to be around 32 billion barrels. Also, the current production capacity of this field is 190,000 barrels per day.

The official further said that an investment of 7 billion dollars is planned to be made in the field to bring its output to 570,000 barrels per day.

News Code 459050

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