Abouzar Sharifi added a comprehensive plan has been outlined for the development and production of Sepehr and Jofeir fields in three phases.

According to him, a major part of the first phase of the two fields’ development plan has been implemented and their crude oil production – around 20,000 barrels per day (bpd) – could start during the last week of August.

The National Iranian Oil Company (NIOC) and a company affiliated to Bank Pasargad signed an upstream deal within the Iran Petroleum Contract (IPC) and operations for the development of Sepehr and Jofeir fields began in September 2019, he continued.

Based on the project, a 36,000 bpd output has been targeted for the first phase, said the PEDEC CEO, adding the 13th (incumbent) administration has accelerated the implementation of the project since it took over.

The contractor’s direct investment is estimated at some $400 million for the first phase and $2.7 billion for the whole project, he mentioned.

Sepehr and Jofeir fields are situated at 60 kilometers off southwest of Ahvaz, the capital of southwestern province of Khuzestan.