Contracts will be signed in Iran to launch exploration work on the development of Iran-Iraq joint Azadegan oil field (called Majnoon in Iraq) tomorrow on May 31, Trend reports citing National Iranian Oil Company (NIOC).
The event to be held in this regard will be attended by Iranian Oil Minister Bijan Zanganeh, CEO of the National Iranian Oil Company Masoud Karbasian and other officials.
According to the report, a contract will be signed between the NIOC and the Persia Oil and Gas Industry Development Company to conduct exploration work on the development of the north part of the Azadegan oil field.
In addition, a contract will be signed between the NIOC and Petropars Operation and Management Company (POMC) and PetroIran Development Company to conduct exploration work on the development of the central part of the field, the report said.
“Another contract will be signed between the NIOC and Pasargad Energy Development Company (PEDC) and Dana Energy Company to conduct exploration work on the development of the south part of the field,” the report said.
Moreover, the implementation of the plan to maintain the extraction from Homa, Varavi and Tabnak gas fields in the territory of the Iranian Central Oil Fields Company (ICOFC) will be launched, according to the report.
As reported, Iran's Azadegan oil field is located 80 km southwest of the Ahvaz city in the Khuzestan Province (southwestern Iran). It is estimated that the field contains about 32 billion barrels of oil. In Iran, this field is usually divided into two parts - North Azadegan and South Azadegan.
Iran's North Azadegan oil field is being developed by the Iranian Petroleum Engineering and Development Company (PEDEC). As a result of development, the extraction from this field will increase by daily 75,000 barrels in the first stage, and by 150,000 barrels in the second stage.
Reportedly, daily 55,000 barrels of oil are extracted from this field at present.
At present, crude oil extraction from Iran's South Azadegan oil field is 85,000 barrels daily. The field contains 28.2 billion barrels of crude oil, of which 1.6 billion barrels can be extracted.
According to the first plan for the development of this field, daily 320,000 barrels of crude oil and 197 million cubic feet (about 7 million cubic meters) of natural gas will be extracted from the field.
According to the second plan, daily 280,000 barrels of crude oil will be extracted from the field. In total, 600,000 barrels of crude oil daily will be extracted from Azadegan oil field.