EghtesadOnline: Raising production at South Azadegan Oilfield in the oil-rich Khuzestan Province tops the priority list of the Petroleum Engineering and Development Company (PEDEC) in the current Iranian year (started March 21).
According to Shana, in addition to increasing oil production capacity, PEDEC aims to implement the contract on leasing South Azadegan’s skid-mounted processing units, pursue the development plan of Yadavaran Oilfield’s second phase and finalize a deal to develop Azadegan Oilfield, which includes southern and northern sections, by March.
The company, which is a subsidiary of the National Iranian Oil Company, also plans to install submersible pumps in the wells of North Yaran Oilfield, continue developmental activities at Azar Oilfield in the western Ilam Province and complete the first phase of West Karun Block’s power plant in the current fiscal.
West Karun is the name of an oil-rich region in Khuzestan that includes several large oilfields, including Azadegan, Yaran and Yadavaran, with the first two divided into north and south projects. According to published reports, Iran is currently drawing crude from the block at an unacceptable extraction rate of 5-6%, according to Financial Tribune.
Noureddine Shahnazi-Zadeh, PEDEC’s chief executive officer, told ISNA in February that collective oil output from West Karun, which is shared with Iraq, is slated to reach 1.2 million barrels per day.
The official noted that Iran produces 350,000 barrels of oil per day from the block, outpacing Iraq's output that stands at 320,000 barrels per day.
Based on the report, PEDEC has started crude extraction from South Yaran Oilfield in the past year, while working on developmental plans such as building storage tanks at Goureh and Omidiyeh oil terminals in Bushehr and Khuzestan provinces respectively.