24 April 2018 - 22:13
  • News ID: 282360
Iran Revenues from Azar Oilfield at $600 Million

TEHRAN (Shana) -- Iran has so far generated 600 million dollars of revenues from producing crude oil from Azar joint oilfield.

CEO of the Petroleum Engineering and Development Company (PEDEC) Noureddin Shahnazizadeh said Iran is developing the field for 100,000 b/d of crude oil from the field, adding talks are under way with local and foreign companies for developing the field’s second phase under the newly-devised model of oil contracts.

Currently, crude oil output stands at 30,000 b/d and over 10.6 million barrels have been pumped out of the field for $600 million in revenue, he added.

He further said that the first train of the field’s processing unit is scheduled to come on-stream by the end of the current calendar year to March 20, adding the facility’s construction has made 57% progress.

“God willing, production from the field will reach 65,000 b/d by the end of the [calendar] year,” the PEDEC official added.

Shahnazizadeh further added that the contract for development of the field will be signed in the near future.

News ID 282360

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