$ 7 billion investment in Azadegan oil field

  July 05, 2022   News ID 6800
$ 7 billion investment in Azadegan oil field
The Iranian Oil minister announced a 7 billion dollar investment in the Azadegan oil field to reach daily production of 570 thousand barrels.

Tehran, SAEDNEWS: Azadegan oil field, located 80 kilometers west of Ahvaz near the Iran-Iraq border, is one of the largest joint oil fields in the world. The total amount of oil in the reservoirs is more than 34 billion barrels, and its recoverable oil is estimated at about 2 billion barrels.

Due to the large size of the Azadegan oil field, its development has been divided into two sections, North and South Azadegan.

The development of this joint oil field, which started several decades ago, has not reached the predetermined production level, and Iran is trying to develop this joint field by relying on Iranian power and potential.

"Javad Owji," Iran's oil minister, posted a message on Twitter and wrote:

"For the first time in the history of Iran's oil industry, the integrated development plan of the joint Azadegan oil field, with the financing of 7 billion dollars from public and private banks, financial holdings, and the National Development Fund, will be operational to increase the production of this field to 570 thousand barrels per day.

Referring to Owji's tweet, the spokesman of Iran's government Ali Bahadori Jahromi also praised the move and called it an excellent task based on Iran's potential.

He also described it as the synergy among Iran's numerous national capacities, which is capable of neutralizing the impact of unlawful sanctions against Iran (Source: IRANPRESS).