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| Domestic consortium to invest $3.5b in Iranian oilfields |
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TEHRAN – An Iranian consortium will sign a $3.5 billion contract on Monday with the National Iranian Oil Company for the development of two oilfields in west and southwest Iran. According to the contract, the consortium will invest $2 billion and $1.5 billion to implement the third phase of Darkhovin oilfield and Azar oilfield, respectively. The second phase of Darkhovin oilfield, in southwest Iran, officially came on stream in February at the cost of $1.3 billion, increasing the field’s production capacity from 50,000 barrels per day to 160,000 bpd. Some 280 million cubic feet of natural gas will also be produced in the field. The Azar joint oilfield is located at the Anaran block, west Iran, and its total reserves along with the Iraqi side, which is called Badra, is estimated to be 400 million barrels. Once the development plan is completed, the oilfield will produce 50,000-65,000 barrels of light crude per day for a period of 25 years. Iran is the world's fourth-largest oil producer and is OPEC’s second-largest producer after Saudi Arabia. According to the latest studies, the country's oil reserves have reached 150.31 billion barrels, which is roughly 10 percent of the world’s total proven petroleum reserves.   Socialize this Subscribe to our RSS feed to stay in touch and receive all of TT updates right in your feed reader
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