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April 18, 2016

Report: South Azadegan field to contribute 13% of Iran’s oil production

Iran's South Azadegan field is expected to contribute 13% of the country's total oil once it achieves peak production in 2025, says a new report by GlobalData.

Iran’s South Azadegan field is expected to contribute 13% of the country’s total oil once it achieves peak production in 2025, says a new report by GlobalData.

The Arvandan Oil and Gas Company, a subsidiary of National Iranian Oil Company, plans to develop the field in two phases, with the first targeting an output of 320,000bpd of oil and 198Mcf of gas a day. The total yield expected from the second phase is 600,000bpd of oil and 404Mcf of gas a day.

Titled ‘Iran South Azadegan Project Panorama – Oil and Gas Upstream Analysis Report‘, the report mentions that both Iranian and international contractors will be involved in the project.

The National Iranian Drilling Company and Petroleum Engineering & Development Company of Iran will develop the phase one by drilling 175 new production wells, while French oil major Total is in talks with the ministry to develop the phase two, which will see 182 additional production wells.

The long-anticipated project was originally awarded to China National Petroleum Corporation, whose $2.5bn buyback contract was cancelled in 2014. The firm was accused of delaying the development that caused the field’s production to fall by 42% in five years, and the drilling of just seven of the 185 planned wells in the first phase.

In February, the National Iranian Drilling Company announced that field development is on schedule. A total of 30 wells have already been drilled, while another 13 are planned for the next four months. The total well count on South Azadegan project is currently 51, according to the company.

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