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 ...

Saudi Arabia supplied 4.29 million tons, or 1.01 million bpd, to China in January.
Russia remained the top crude oil supplier to China in January...
Substantial Change in Global Energy Trade, as Role of Electricity Rises
The new World Energy Outlook is the story of a series of...
Saudis See Oil Output Cuts Easing in 2019
OPEC and its allies, including Russia, may next year ease the...
Plans are in place to cooperate with neighboring states, namely Turkey and Turkmenistan, that have more water resources so that Iran can increase its share from joint water basins.
Serious negotiations are underway with water-rich neighboring...
30% Domestic Share in  Unit International Deal
Domestic equipment manufacturers will have a 30% share in the...
Call for Greater Support for Renewables
Heightened concerns over the shortage of natural resources and...
Plans to Increase Sarkhoun Output
Close to 98.5 billion cubic meters of natural gas have been...

Trending

Googleplus