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North Azadegan Crude Oil Exports Hit 8mb

Source: www.gulfoilandgas.com 9/14/2016, Location: Asia

The operator of North Azadegan oil field says Iran has so far exported over 8 million barrels of crude oil from the field.

Keramat Behbahani has said export of crude oil from the field has reached 8 million barrels and settling pays of the fieldís Chinese developer is being considered. Iran is currently producing 75,000 b/d of oil from the fieldís first phase development.

He said based on the primary agreement with Chinaís CNPCI, the company will present its proposal for development of the second phase of the oilfield.

ďProvided that the National Iranian Oil Company (NIOC) reaches an agreement with CNPCI over the second phase development of the field, the projectís development will commence,Ē he said.

He said the project shall suit Iranís interests in the post-Joint Comprehensive Plan of Action (JCPOA) setting, adding the national interests of the country must be preserved.

North Azadegan oilfield is estimated to contain 6.3 billion barrels of oil in its reserves with 30% recovery rate.

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