South Yaran to Commence Early Production

West Karoun which includes North Azadegan, South Azadegan, North Yaran, South Yaran fields as well as Yadavaran fields is estimated to hold 67 billion barrels of oil in place. Iran shares oil fields with Iraq in this zone.

Iran’s Ministry of Petroleum is determined to increase the production capacity of fields located in West Karoun. To that end, in new-style oil contracts, memorandums are signed with domestic and foreign companies for assessing oil fields and their recovery rate.

$25bn Investment

Iran was recovering 60,000 b/d of oil from the West Karoun fields until 2013. After the inauguration of the first phases of North Azadegan and Yadavaran oil fields and the development of North Yaran, the country is now extracting more than 260,000 b/d from these fields.

Nouroddin Shahnazizadeh, CEO of PEDEC, has stated that the company was planning to bring production from the West Karoun fields to 1.15 mb/d.

He said that full development of these oil fields would cost $25 billion by 2022. So far, $7 billion has been spent on these development projects.

(Source: Shana)

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