Iran signs deal to develop South Azadegan oilfield
Iran has awarded a contract to a local company for development of one of its largest oilfields, a sign its oil industry would continue to expand despite US sanctions.
Local media reports showed videos and images related to the signing of the contract for development of South Azadegan oilfield between representatives of the National Iranian Oil Company and Petropars, an local firm which has become increasingly involved in development of the Iranian oil and gas sector in recent years.
South Azadegan, one of Iran’s largest oilfields located in the southwestern Khuzestan province and shared with neighboring Iraq, is believed to have nearly 27 billion barrels of oil in place.
Reports said Petropars has committed to reach a production of 320,000 barrels per day from South Azadegan in 30 months.
Oil Ministry’s news service Shana said the development project would cost $961 million in addition to an investment of 11.83 trillion rials that would be earmarked in local currency.
Wearing a mask to avoid catching the new coronavirus disease, Iran’s Oil Minister Bijan Namdar Zanganeh oversaw the signing of the contract.
Zanganeh said the deal was a clear sign that Iran would not halt efforts to develop its massive energy sector despite American sanctions imposed on the sale of crude.
Azadegan, comprised of two southern and northern fields, is considered one of the world’s biggest oil discoveries of the past 30 years with an estimate of about 33.2 billion barrels of oil in place.
It is one of several oilfields Iran shares with Iraq where development schemes have stalled for the past years both because of US sanctions and the technological complexities surrounding the projects.
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