Changouleh Oilfield's development project will be showcased to foreign investors at a conference in London in December, ahead of the likely lifting of international sanctions in 2016.
The Oil Ministry is expected to also present a new oil contract format to investors called the Iran Petroleum Contract. The new format will replace the prevalent buyback contract, Shana reported.
Extraction from Changouleh in western Iran will reach 40,000-50,000 barrels per day, director of the oilfield, Ali Abbas Lorki, said on Sunday.
"Changouleh's development project is estimated to require $2.2 billion in investment."
The oilfield is located near the Iraqi border in Ilam Province. It is estimated to hold 7 billion barrels of oil reserves. Production is expected to reach a maximum 75,000 barrels per day upon completion.
The field will be developed in two phases. During the first phase, which is scheduled to last 40 months, output will reach 15,000 bpd by drilling four and repairing two wells. Laying a 100-kilometer pipeline and installing a gas-oil separation package are also part of the first phase.
In the second development phase, 13 new wells will be drilled and major infrastructure, along with more pipeline, will be established in a 60-month period.
The field's output will increase to 50,000 bpd in the second phase. Changouleh's project is to be carried out by the Petroleum Engineering and Development Company.
Lukoil, the Russian oil and gas company, previously announced its intention to resume operations in Azar and Changouleh fields in Ilam Province, according to the managing director of PEDEC.
Russia’s second largest oil company and second largest oil producer produced 1.8 million barrels of oil per day in 2012.
