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Source: Shana 4/9/2011, Location: Asia
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The managing director of the Petroleum Engineering And Development Company (PEDEC) says the company is likely to sign a $1.5 billion contract with and Iranian led consortium to develop Azar oil field over next two months.
Talking to Shana reporter, PEDEC’s managing director Naji Sasouni said Bank Saderat Iran (BSI) would cooperate with the company as the financier.
‘Full extraction from Azar oil field and early production from Changuleh oil field will be started simultaneously because they have been defined as a unified package,’ Sadouni noted.
Stating that estimates on the Chaguleh oil field’s in place reserves are not final yet the official noted that based on the new data, in place reserves of the oil field could be increased in comparison to the previous assessments.
He went on to say that by complete description and launching early production from the field over the next 30 months, the company would be able to estimate in place reserves of the field with more accuracy.
According to Saudoni clearing and construction of roads have been started and the sites would be ready for drilling operations following setting up the drilling rigs over next three of four months.
Development of Azar oil field has been started by using the National Iranian Oil Company (NIOC) resources due to importance of the oil field and it is slated to be ceded to domestic investors in near future.
On the oil draw from the fields located in the west of the Karoun River, Sadouni said oil production of these fields will rise to 1.2 million barrels a day, of which one mb/d would come from the Northern Azadegan, Southern Azadegan and Yadavaran oil fields.
According to the official completion of the Azar oil field development and final exploitation of the field would take six years time and the field would yield 65 thousand barrels of 32 API degree crude for 25 years.
Azar oil field is located in Anaran oil block between Dehloran and Ilam cities in the west of Iran. The field is one of the most difficult oil industry projects in view of drilling. Recoverable oil volume of the field is estimated to be at 400 million barrels.
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