Rosneft Willing to Develop Azadegan Oilfield

Russian energy major Rosneft is willing to play a role in developing the Azadegan Oilfield that is shared by Iran and Iraq, Oil Minister Bijan Namdar Zanganeh said.

“Rosneft has also negotiated with the National Iranian Oil Company to develop Yaran, Koupal and Maroun Oilfields in the southern province of Khuzestan via enhanced oil recovery methods,” Zanganeh was quoted as saying by Mehr News Agency on Wednesday.

On the possibility of awarding Azadegan field's development project to an international consortium, Zanganeh said, "Forming a consortium of British, Japanese and French firms is likely, but Iranian exploration and production companies must be part of the plan."

Azadegan is located in the southwest of Khuzestan. The field's in-place oil is estimated at 33.2 billion barrels, of which 6 billion barrels are deemed recoverable. It is the biggest oilfield discovered in Iran over three decades.

According to Noureddin Shahnazizadeh, chief executive of Iran's Petroleum Engineering and Development Company (PEDEC), French energy major Total S.A. in addition to Anglo-Dutch multinational oil and gas company Royal Dutch Shell and Japan's Inpex are conducting technical studies on the field.

Rosneft is Russia's largest publicly traded petroleum company. The company’s main activities include prospecting and exploration of hydrocarbon deposits, oil, gas and gas-condensate production, upstream offshore projects, processing, as well as oil, gas, and product marketing in and outside Russia.