Investment of $400m in Development of North, South Yaran Fields

Executive operations for the development of North and South Yaran fields in Khuzestan Province were launched on Friday with an investment of $400 million. 
The National Iranian Oil Company has signed a contract with Persia Oil and Gas Industry Development Company to develop Yaran Oilfield and achieve an additional cumulative production of about 39.5 million barrels over 10 years, the Oil Ministry’s 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 enhanced oil recovery method.
Yaran covers 65 kilometers of area and has 1.1 billion barrels of in-place oil reserves. The development of the field has been pursued in two sections: south and north.
North Yaran Development Project is the first 100% Iranian buyback project implemented by POGIDC to produce 30,000 barrels per day of crude oil. It was officially launched in November 2016 and about a year later, oil was extracted from the southern part of Yaran field by the Petroleum Engineering and Development Company.
Production from the field's southern flank began in 2017 at a rate of 10,000 bpd and will rise gradually to 25,000 bpd.
South Yaran production currently comes from 12 wells and plans are underway to drill another six at the field. 
The oilfield is located in southwestern Khuzestan Province, 130 km west of Ahvaz, near the border with Iraq and adjacent to the Hoveyzeh (Hoor al-Azim) Marsh. Situated west of South Azadegan Field, it is shared with Majnoon Field in Iraq.
Raising production from joint oilfields is among the priorities of Iran’s Oil Ministry.