26968
Iranian Companies to Develop S. Azadegan Oilfield
Energy

Iranian Companies to Develop S. Azadegan Oilfield

South Azadegan Oilfield Development Project will be financed by Iranian companies and not foreign investments, said Mahmoud Marashi, the executive manager of Development Project.
"So far, we have no plans to incorporate foreign investors and local firms are financing the project," SHANA quoted Marashi as saying.
In 2009, China's CNPCI signed a $2.5 billion buyback deal to develop the field, agreeing to pay 90% of the costs). In parallel with the approval of its revised master development plan, the contract came into effect in mid-August 2012 and work on the project began, but moved at a slow pace.
After President Hassan Rouhani took office in 2013, the government set a 90-day deadline for CNPC to accelerate development of the project. In 2014, Iran terminated the contract after the Chinese company failed to fulfill its obligations.
Following the revocation of the Chinese contract in April of the same year, Iranian companies brought in their drilling rigs to compensate for the holdup of the Chinese over the three-year period. Marashi noted that the project will be completed under a three-year plan to reach its target production rate of 320,000 barrels a day.
"The financial constraints we faced over the past few months did not impede the development process and the project powered ahead steadily," he said.
Located 80 km west of Ahvaz in Khuzestan Province along the Iran-Iraq border and shared by both states, South Azadegan Oilfield is the largest found in Iran in the past few decades.
The development project aims to produce 600,000 barrels of crude oil per day (320,000 barrels in the first phase, which will be increased by 280,000 barrels in the second phase counting early production).

 

Short URL : https://goo.gl/LweOvd
  1. https://goo.gl/9DHeCg
  • https://goo.gl/pC1Idk
  • https://goo.gl/BwT4Oy
  • https://goo.gl/AwR9Ug
  • https://goo.gl/wiCnPP

You can also read ...

Iraq Oil Output Stable Amid Mass Protests
Iraq is pumping oil at normal levels even as protests spread...
Iran Oil Exports Could Shrink
Iran’s oil exports could fall by as much as two-thirds by the...
Treasury Secretary: US to Mull Iran Waivers
The United States in certain cases will consider waivers for...
EIA forecasts total US crude oil production to average 10.8 million bpd in 2018.
In the July 2018 update of its Short–Term Energy Outlook, the...
Completion of Petrochem  Projects High on Agenda
The completion of value chain, development of petrochemical...
LNG Share to Rise in Global Energy Mix
Liquefied natural gas is projected to come into sharp focus...

Trending

Googleplus