Oil Minister:

Tehran (IP) - Iranian Minister of Petroleum Javad Owji says the development of Azadegan Oilfield would generate $115 billion in revenue and 24,000 jobs. Earlier, Owji announced a $ 7 billion investment in the Azadegan oil field to reach daily production of 570 thousand barrels.

Iran PressIran News: Speaking on Tuesday evening, in a televised interview, Owji said that financing of development plans of the Azadegan oil field was one of the crucial concerns which today with using the capacity of banks and holdings, this issue was also sorted out.

Azadegan is a joint oil field between Iran and Iraq; the models for developing the joint field have been designed with the planning and studies carried out by the NIOC in recent months, Owji added.

Iranian oil minister's remark came at the ceremony to sign the memorandum of understanding (MoU) for the integrated development of the Azadegan oil field.

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$ 7 billion investment in Azadegan oil field

Integrated development of the joint Azadegan oil field is by the participation of the National Iranian Oil Company (NIOC), banks, and exploration and production companies.

"With an investment of nearly 7 billion dollars, the production capacity of this field will increase to 220,000 barrels in the second year of its development and in the next seven years, to 570,000 barrels of oil per day [from currency 190,000 b/d]," he added.

The Minister of Petroleum stated: "During the 20-year operation period of Azadegan field, if we consider the base price of oil per barrel to be 80 dollars, it will generate more than $115 billion in revenue and income for the country and create employment for 24,000 people.

"Also, operational measures for the enhanced production of this field will also be on the agenda soon, Owji added.

According to the NIOC, the project will entail drilling more than 420 production and injection wells, constructing five manifolds, and installing 315 to 320,000 kilometers of pipelines, which domestic developers and contractors will carry out.

Iran's President Ebrahim Raisi described the signing of a 7 billion dollar MoU as an example of mobilizing the country's internal power and stated, "Directing liquidity in the direction of production growth, benefiting from technical power, and attracting domestic investment are very effective in the economic growth and progress of the country."


$7 bln Azadegan oil field MOU, example of mobilizing internal capabilities