Tehran (IP) - The Managing Director of the Petroleum Engineering and Development Company (PEDEC) has announced that oil production at the Sepehr and Jofeir fields in southwestern Iran is expected to officially begin during Government Week (August 24-30).

Iran PressIran News: Abouzar Sharifi stated that a comprehensive plan has been developed to develop and produce these fields, which will be executed in three phases. He further revealed that a significant portion of the first phase has already been completed, and crude oil production, estimated at around 20,000 barrels per day (bpd), is anticipated to commence by the end of August.

Sharifi also highlighted that an upstream deal was signed between the National Iranian Oil Company (NIOC) and a company affiliated with Bank Pasargad under the Iran Petroleum Contract (IPC). Operations for the development of the Sepehr and Jofeir fields began in September 2019. The PEDEC CEO emphasized that the project aims to achieve an output of 36,000 bpd during its first phase. He further noted that the incumbent administration has expedited project implementation since assuming office.

The direct investment by the contractor for the first phase is estimated at approximately $400 million, with a total project cost of $2.7 billion. Sepehr and Jofeir fields are located 60 kilometers southwest of Ahvaz, the capital city of Khuzestan province.


Read More:

Iran's oil output to reach 3.5 million bpd by end of summer: NIOC chief