Iran to Expand Operations at Joint Oilfields with Iraq
By John Lee.
Iran will double the number of drilling rigs at the joint Iranian-Iraqi Azadegan and Yadavaran oilfields, according to a report from Bernama.
Quoting the managing director of the National Iranian Drilling Company (NIDC), Heidar Bahmani, Iran’s Mehr News Agency said there are currently four drilling rigs in operation at the two oilfields and the NIDC will commission another four in next few days.
The Azadegan field’s in-situ deposits are estimated to be around 33.2 billion barrels, of which 5.2 billion barrels are recoverable.
The Yadavaran field holds approximately 12 billion barrels of in-situ crude oil, some 12.5 trillion cubic feet of associated gases, as well as nearly 1.9 billion barrels of condensates.
A Chinese company has invested US$20 billion in the Yadavaran and Azadegan oilfields, which are projected to produce 700,000 barrels of oil per day when they reach peak capacity, Iranian Oil Minister Rostam Qasemi announced on July 8.
Twelve contracts have been signed for the development of joint Iraq-Iranian oil and gas fields, and the development of the Azar and Changouleh fields and some others has already begun, he noted.