TEHRAN (Iran News) – Iranian Petropars Group, which is in charge of developing the South Azadegan oil field, has inked a deal with a local contractor called Dana Energy Company for adding 10,000 barrels per day (bpd) to the field’s output capacity.
The mentioned Engineering, Procurement, Drilling (EPD) contract includes engineering services, procurement, drilling, drilling services, and completion of 10 new wells over a 16-month period, according to Petropars Managing Director Hamidreza Masoudi.
Masoudi stated that based on the deal, nine production wells and a well for discharging unwanted fluids will be dug.
“The contractor has been selected through tender and in competition with other competent contractors; based on the contract it is expected that about 40 kilometers of drilling operations will be conducted in this project,” he explained.
Back in July 2020, the Iranian Petroleum Engineering and Development Company (PEDEC) and Petropars Group signed a deal for completing the development of the South Azadegan oilfield in southwestern Iran.
The deal, worth $961 million plus 11.83 trillion rials (about $281.66 million), was signed by PEDEC Managing Director Touraj Dehqani and Petropars Head Hamidreza Masoudi at the presence of Oil Minister Bijan Namdar Zanganeh.
South Azadegan is one of the five major oilfields Iran shares with Iraq at the western part of Iran’s Karoun region, known as West Karoun fields.
West Karoun holds great importance for the country’s oil industry since according to the latest studies, its in-situ deposit is estimated to be 67 billion barrels containing both light and heavy crude oils, and therefore it could have a big impact on Iran’s oil output increases in the future.
Having an estimated 67 billion barrels of in-situ oil, West Karoun fields definitely deserve the spotlight which has been put on them recently.