Speaking at a panel on investment opportunities in onshore oil projects on the second day of Iran Petroleum Contract (IPC) Conference, Karamat Behabahani, contractor for development of North Azadegan Field, introduced the projects to the participants.
Elaborating on the oil fields’ specifications, he said South Azadegan with an in-place oil of 25.6 billion barrels is planned to increase its daily output from 330,000 to 600,000 barrels a day.
In the first phase of the development of South Azadegan field, 320,000 b/d of crude will be recovered. For that purpose, 385 wells need to be drilled in this field. The initial budget approved for the development of South Azadegan is 500 million dollars plus 500 trillion rials.
The Changuleh Oilfield which was discovered in 1999 has not been developed yet, he told the two-day conference which opened here on Saturday.
Two Russian and one Croatian companies have expressed their interest to invest in the Changuleh oilfield in west Iran.
In addition to Lukoil from Russia which is ready to return to Azar oilfield, Zarubej Neft and Russneft as well as one company from Croatia are set to invest and participate in the Changuleh field located in the western border province of Ilam.
Representatives from 137 petroleum heavyweights including Royal Dutch Shell, Total and Lukoil, to name a very few, attended the IPC Conference in Tehran.
The representatives came from 45 countries. Totally, 335 companies have participated in the two-day event to be the first to know about the contract terms.
A follow-up conference will be held in London on February 22-24 after the IPC event in Tehran.
Iranian Minister of Petroleum Bijan Zangeneh has said that Iran welcomes foreign investment in its energy industry, but stresses technology transfer by foreign partners in the new contracts.
In the run-up to the conference, he said there is the prospect of entering oil investment deals to the tune of 30 billion dollars under the new contracts on the sidelines of the conference.
“A section of our oil industry’s challenges will be settled by the new contract models,” he told Shana on the verge the IPC Conference.
His advisor, Mansour Moazzemi, has said that the new oil contracts to be introduced are drawn on win-win terms considering tough competition for the development of the region’s oil fields.
“The new IPC model is on a win-win basis which secures the interests of both parties to the contracts,” he said.
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