The operator of Azar Oilfield's development project, Keyvan Yarahmadi, told Shana that the National Development Fund of Iran has been tapped for financing the project, adding that early production of the field will start with 30,000b/d.
He said $800m from NDFI has been allocated to completion of the project and LCs have been opened for further financing of the project.
Completion of the plan will need an amount nearly equal to the amount NDFI has been tapped for.
8 wells must be drilled before early production of the field can become possible, he added, of which 6 wells have been spudded and the rest will be drilled within the remaining months to September.
Shared with neighboring Iraq, Azar oil field is estimated to contain 2.5 billion barrels of oil in its reserves.
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