Addressing the inauguration ceremony of Yadavaran Oilfield in the southwestern province of Khouzestan, Zangeneh said production of crude oil from the region stands at 250,000 b/d which can reach 300,000 b/d.
This is while the region yielded only 65,000b/d of oil at the time President Rouhani took office in 2013, the official said.
He said some $7b has been invested in West Karoun fields so far, making it one of the country’s biggest energy investments ever.
Zangeneh also touched on social responsibility measures in the region, adding a sum of IRR 10,000 will be invested in the region in that regard.
He further said Iran will need at least 18 billion dollars for developing the region’s oilfields that it share with Iraq to bring its crude oil output to a million barrels per day.
Also addressing the inauguration of Yadavaran Oilfield, Iranian President Hassan Rouhani hailed the industry’s achievements in the post-JCPOA, saying the world was astounded at how the sector performed in the relatively short while after the Joint Comprehensive Plan of Action (JCPOA)’s implementation.
The president thanked the Petroleum Ministry staff for their efforts and contribution into the oil development projects and said what the oil officials did were remarkable after the JCOPA.
Bijan Zanganeh, Minister of Interior, Gholam-Reza Rahmani Fazli, Secretary of Supreme National Security Council Ali Shamkhani, Managing Director of National Iranian Oil Company (NIOC) and Deputy Minister of Petroleum Ali Kardor, Director of National Iranian South Oil Company Bijan Alipour were present in the meeting.
Rouhani on Sunday inaugurated the project for development of Yadavaran oil field west of Karoun River.
The project, costing more than 2.9 billion dollars, was initially targeted to produce 85,000 barrels oil but thanks to the endeavors of experts and staff of the Ministry of Petroleum in the Administration of Hope and Prudence, it has now reached 115,000 bpd.
President Rouhani is to attend the official opening of three oil projects on fields Iran shares with neighboring Iraq.
North Yaran, phase I of Yadavaran and North Azadegan projects officially became operational after a ceremony held on Sunday.
West Karoun region comprises two oil blocks which consist of North Azadegan, South Azadegen, North Yaran and South Yaran oil fields in its first block and Khoshk and Hosseiniyeh oilf fields in its second block.
The fields contain over 67 billion barrels of oil-in-place in their deposits.
Crude oil production from North Azadegan oil field began early this year with 75,000 b/d. Yadavaran also yields 85,000 b/d for the time being. Operation of the fields is being officially inaugurated now that their production has reached a stable level.
The project for development of Yadavaran oilfield will be in three phases, the first phase of which is in stage of operation.
The field has been put into operational since February 2012 following laying of 45-km delivery pipeline, modernization and repair of Darkhowin procedural facilities, drilling five new production wells and repair and completion of three existing exploration wells and eight early production wells in total. It has thus far yielded 20,000 barrels/day of crude.
The second phase of the early production project has increased the oil output level to 50,000 barrels per day.
Azadegan Oilfield has oil-in-place reserves of about 5.6 billion barrels. Taking the recovery rate of the field at 5.5 percent, its recoverable resource is estimated at 330 million barrels of crude oil. The first phase development of the field is being carried out based on buyback deal for a maximum production, refining and transfer of 75,000 barrels of crude.
Such a figure will be obtained as a result of drilling 58 wells, including 50 production wells and eight wells for wastewater treatment, enhanced recovery and descriptive wells.
The project for development of North Azadegan will be commissioned in two phases with the target production of 75,000 barrels of crude and extraction of 08.39 million cubic feet/day of associated gas in each phase. The first phase has been put into operation.