EghtesadOnline: An operational program for Yaran Oilfield near the Iraqi border is slated to be prepared within a week, the chief executive officer of Iran’s Petroleum Engineering and Development Company (PEDEC) said on Tuesday.
“Persia Oil and Gas Industry Development Company has taken two measures to develop Yaran Oilfield: Joining hands with an unnamed French company to prepare the operational program and partnering with Russian oil major Rosneft,” Noureddine Shahnazizadeh was also quoted as saying by ISNA.
Persia, as a subsidiary of Tadbir Energy Development Group, is a Tehran-based private company founded in 2005. It undertakes oil and gas upstream and downstream projects, including drilling, developing oil/gas fields and construction of surface facilities.
According to Shahnazizadeh, as soon as the operational program is finalized during the Persia officials’ trip to France this week, the Iranian firm and Rosneft will embark on establishing a joint consortium.
“Afterwards, a contract on the development of North and South Yaran under the framework of IPC will be signed,” he added.
Iran Petroleum Contract is the country's new model of contracts for developing oil and gas projects, based on which Tehran offers multinationals more attractive terms for cooperation and investment.
Yaran Oilfield, divided into northern and southern sections, adjoins Iraq's Majnoon Oilfield along the Iran-Iraq border. It has an estimated 2 billion barrels of oil in place.
According to reports, PEDEC was assigned to develop South Yaran in 2013.
West Karoun Oilfields
Yaran is one of the several joint fields in the West Karoun region, an oil exploration block in Khuzestan Province with an estimated 65 billion barrels of oil reserves. The block includes several deposits, including the giant Azadegan and Yadavaran fields.
PEDEC revised its initial production target for South Yaran from 60,000 bpd to 25,000 barrels per day after conducting studies on the field's deposits in 2016.
The government of President Hassan Rouhani is pressing ahead with plans to raise crude extraction from West Karun oilfields.
Shahnazizadeh had announced earlier that Iran has outpaced Iraq's crude extraction rate from the shared West Karoun block.
"Iraq is extracting 320,000 barrels per day from West Karoun oilfields, whereas Iran's output has exceeded 350,000 bpd," he said.
Giving a breakdown on the countries' production rate from the fields, Shahnazizadeh noted that Iran is pumping 110,000 bpd from Yadavaran Oilfield.
Extraction from Azadegan and Yaran oilfields stands at 210,000 bpd and 30,000 bpd respectively.
In November 2016, Rouhani launched three oil development projects near the border with Iraq, namely the first development phases of Yadavaran, North Azadegan and North Yaran projects.