POGIDC Tasked With Yaran Joint Oilfield Development Project

National Iranian Oil Company has signed a contract with Persia Oil and Gas Industry Development Company to develop Yaran joint oilfield in Khuzestan Province.
The agreement aims to achieve additional cumulative production of about 39.5 million barrels over 10 years, with direct capital expenditures of $227 million and operating costs estimated at $236 million, the Oil Ministry news agency Shana reported. 
The project entails drilling new wells, equipping production wells with electrical submersible pumps, constructing and upgrading ground facilities, conducting laboratory studies, and designing the enhanced oil recovery method.
Yaran Field has an estimated 550 million barrels of oil in place. Development of the field, located 130 km southwest of Ahvaz and west of South Azadegan field and is shared with Majnoon Field in Iraq, has been pursued in two sections: south and north.
North Yaran Development Project is the first 100% Iranian buyback project that was implemented by POGIDC to produce 30,000 barrels per day of crude oil. It was officially put into operation in November 2016 and about a year later, oil was extracted from the southern part of Yaran field by Petroleum Engineering and Development Company.