The contract to develop Azar oil field will be signed in next three months, managing director of Petroleum Engineering and Development Company, Naji Sadouni said.
Talking to reporters, Naji Sadouni said that at present the oil field has been cleared of land mines, some roads have been constructed and the location is ready for drilling while drilling rigs would be transferred to the area over next three to four months.
He went on to say that the oil field would be developed by meeting financial resources from within the county and its development would be ceded to domestic investors.
On Darkhovain oil field, the managing director of the Engineering And Construction Oil Company said the contract to develop the third phase of Darkhovain oil field would be singed in next three months adding five domestic and foreign companies have presented their plans.
He estimated the value of Darkhovain third phase development’s plan at 1.2 billion dollars and it production capacity 80 thousand barrels per day.
Sadouni Noted that production of the oil fields located West of Karoun River, southwest of Iran, will rise to 1.5 million barrels a day over the next 10 years. These oil fields include Northern Azadegan, Southern Azadegan, Yadavaran and Azar.
It is predicted the contract to develop Azar oil field to be signed with a consortium consisting of Iranian and foreign companies while it is estimated Iranian companies to gain 40 percent of the shares.
The oil field development is forecast to last for six years with a production capacity of 50 to 65 thousand barrels a day over 25 years.
As part of the Anaran Block and one of the most difficult fields in view of drilling, Azar oil field is located between Dehloran and Ilam cities with recoverable reserves of 400 million barrels.