West Karoun Oil Production to reach 368,000 bpd

Iran currently produces 290’000 barrels of crude oil per day, the figure which is going to witness an increase of 78000 barrels bpd, the managing director of Iran’s Petroleum Engineering and Development Company (PEDEC), Noureddin Shahnazizadeh said.

Holding a press conference for the latest achievement of the West Karoun oil fields, Shahnazizadeh mentioned that the investment for the development plans is 36 billion dollars and the capital available for the undergoing development plans is 21.5 billion dollars.

Making the remarks about the forthcoming increase of the oil production in the West Karoun till the end of the Persian calendar, he said that 83000 barrels of crude oil are being produced from the South Azadegan oil field at the moment.

The official added that based on the operational program, the increase of 25,000 barrels of oil production from the South Azadegan field followed by an increase of 40,000 barrels, is on the agenda of PEDEC.

Shahnazizadeh pointed out the realization of two phases of the early production of 15,000 barrels of Azar Square saying that 30,000 barrels of this field has now been produced in the form of an internal cross-subsidy scheme with Sarvak Azar Company and the investment of oil retirement funds.

He added: “Production from Azar oil field in the first phase will amount to 65000 bpd, and in the second phase, with the production of 110’000 bpd, it will be operational in the form of new oil contracts.”

Shahnazizadeh also said: “there are currently 300 employees working on this plan, 45% of whom are local people, who are looking to increase this amount by 50%”.

The official added: “To develop the Karkheh oil field, OMV has signed a memorandum of understanding (MoU), which is the result of studies by the Austrian company.

Saying that for the development plan of Changouleh oil field, MoUs has been signed with Norway’s DNO, Russia’s Gazpromneft, Thailand’s PTTP, Shahnazizadeh added: the Thai company has submitted its study while Norway is presenting its own and Gazpromneft is currently studying the field.

Shahnazizade added: “Shell (the final report presented), Total, Petronas, Tenco, and Japan’s Inpex have signed agreements with the National Iranian Oil Company (NIOC) for conducting research study to finally submit proposals for the development of the Azadegan oil field.

He also added: Italy’s Eni, Ghadir Investment, Gazpromneft, Shell and Iranian Sane’e Corporation are among the companies that have signed research agreements in order to develop the Kish gas field.

(Source: PEDEC)

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