Jul 21, 2014, 6:06 PM
News Code: 2721959
0 Persons
1st phase of N. Azadegan oil field to come on stream next year

Tehran, July 21, IRNA – Managing Director of Petroleum Engineering and Development Company (PEDEC) Abdolreza Haji Hossein-nejad said Monday that the first phase of the North Azadegan oil field in southern Iran will begin production next year.

Once this phase becomes operational, 75,000 barrels per day (bpd) will be added to Iran's oil output, Haji Hossein-nejad said, adding, construction project on this phase presently shows a 67 percent progress.

Covering an area of approximately 460 square kilometers, the North Azadegan is a part of the Azadegan oil field, shared with Iraq, 120 kilometers west of Ahvaz, the capital city of south western Khuzestan province.

In-place reserves of the North Azadegan oil field are estimated at 5.6 billion barrels.

Development project of the North Azadegan involves drilling 58 wells, and is aimed at production, processing and transferring as many as 75,000 bpd of crude oil in the first phase.

After Oil Minister Bijan Namdar Zanganeh cancelled a 2.5-billion-dollars deal with China National Petroleum Corporation International (CNPCI) on the development of the South Azadegan oil field and warnings about the Chinese contractor's hesitation in development of the North Azadegan, the company accelerated working on this field.

The cancellation of the deal with CNPCI on the development of the South Azadegan came as the Chinese oil giant failed to fulfill its commitments and was lagging behind the schedule.

Iran transferred the development of the South Azadegan oil field to a consortium of domestic companies.