21 July 2014 - 13:49
  • News ID: 221576
South Azadegan Welcomes Foreign Investment

TEHRAN July 21 (Shana)--A massive oil field in southwestern Iran is to open to foreign investment, managing-director of Petroleum Development and Engineering Company (PEDEC) said.

Abdorreza Haji-Hosseinnejad said South Azadegan oil field, shared with Iraq, is expected to be developed by National Iranian Oil Company (NIOC).
He said that the budget allocation for this field is 500 million dollars plus IRR 500 billion.
The official said the field is planned to produce 320,000 b/d of oil in the first phase of development.
He said of 185 wells planned to be drilled in the field, 12 have been already spudded.
Haji-Hosseinnejad said 10 drilling rigs are to be installed in this field which was initially supposed to be developed by China’s CNPCI.
He said that the cancellation of contract with the Chinese contractor accelerated the development of North Azadegan field which is hoped to produce 75,000 b/d of oil.
News ID 221576

Your Comment

You are replying to: .
0 + 0 =