Contract for second-stage development of Azar oil field signed

SHANA (Tehran) – The National Iranian Oil Company (NIOC) and Sarvak Azar Engineering and Development Company on Sunday signed a contract for the second-stage development of Azar oil field.

The 20-year contract was signed in the presence of First Vice President Mohammad Mokhber and Oil Minister Javad Owji with the aim of estimated cumulative production of 177 million barrels of crude oil.

A direct investment of $1.036 billion will be made in the project and the field’s executive operations will include the drilling of 19 new wells (18 production wells and one disposal well), the installing of downhole pumps in new production wells, demining, the building of roads, well sites, surface facilities including wellhead equipment, flow pipelines, separator, multiphase pumps, and hydraulic/acid fracturing.

The project is expected to create job opportunities for some 4,000 people directly and indirectly in the western province of Ilam.

News ID 639235


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