16 March 2024 - 20:17
  • News ID: 639200
Iran’s biggest oil contracts in past decade to be signed

SHANA (Tehran) – Iran’s biggest contracts in the past decade worth over $13 billion will be signed in the presence of Oil Minister Javad Owji and National Iranian Oil Company (NIOC) Managing Director Mohsen Khojastehmehr.

The contracts, which will be inked on the occasion of the 73rd anniversary of the nationalization of the Iranian oil industry, are aimed at developing six oil fields and adding 350,000 barrels of oil to the country’s daily production by relying on domestic expertise.

Largest joint field Azadegan contract

The contract for development of Iran’s largest joint oil field, Azadegan, which had been left undecided for years, will be signed as the Oil Ministry under the 13th administration has prepared a plan for its integrated development.

Azadegan oil field is located in West Karoun, 80 kilometers west of Ahvaz in the vicinity of Iraq’s Majnoon field.

The Azadegan field development project is ongoing with the drilling of 185 new wells, out of which 60 was recently put into operation during a ceremony attended by Iran’s President Seyyed Ebrahim Raeisi in southwestern Khuzestan Province.

At present, the oil extracted from the field each day is processed at the West Karoun exploitation unit and carried to the West Karoun pumping station.

Second phase of Azar oil field development

The Oil Ministry intends to start the second phase of the Azar oil field development project by relying on domestic capabilities.

Azar is a complicated field in terms of geological structure, making the drilling operations extremely challenging.

Azar oil field is located in Ilam Province, western Iran.

Increase in Mideast’s oldest oil field production

The contract on the second phase of the Masjed Soleyman oil field development project will be also signed.

Masjed Soleyman, which is home to the oldest oil field of Iran and the Middle East, is located in Khuzestan Province.

CNPC International (CNPCI), a subsidiary of China National Petroleum Corporation, carried out the first stage under a buyback contract and the Iranian experts will do the job in the second phase, indicating Iran’s progress in the exploration and production (E&P) field in the upstream sector of the oil industry.

Masjed Soleyman’s oil in place (OIP) is estimated at 6.2 billion barrels.

It was May 26, 1908 when oil gushed out from Well No. 1 in Masjed Soleyman. So far, around 1.3 billion barrels of oil have been recovered from the field.

Contracts on Soumar, Saman, Delavaran fields development

The contracts for development, production, and exploitation of Soumar, Saman, and Delavaran fields located in the operational area of the Iranian Central Oil Fields Company (ICOFC), western Iran, will be signed according to the terms and conditions of the new model contract, the Iran Petroleum Contract (IPC).

News ID 639200


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