Project Profile
Value: US$2 billion
Location: Khuzestan, Iran
Peak Production: 180,000 bbl/d (29,000 m3/d)
Area: unknown
Reserves: 31 billion barrels of light and heavy crude oil in play
On October 29, 2004, Iran negotiated a US$70 billion deal with Sinopec, giving the company a 51% stake in the field\'s development. As part of the deal, China agreed to buy 10 million metric tons of liquified natural gas (LNG) from Iran per annum for 25 years. On December 2007, NIOC and Sinopec signed the final agreement for development of Yadavaran oil field. based on the contract field will reach to the 180,000 bbl/d (29,000 m3/d) of production capacity. Total project cost at around US$2 billion.
The field will be developed under an enhanced Iranian buyback contract. The most significant revision in terms from earlier versions is that the partners will only agree the target capital cost of the development following receipt of construction tender submissions. This should reduce the contractors’ exposure to value erosion through cost inflation. Sinopec owns 51% of the development, NIOC 20% and India\'s onGC Videsh the remaining 29%. After the sanctions, Yadaravan was officially inaugurated on the 26th of February 2016. The Yadaravan field will add 85,000 bpd. based on 2016 estimations, Yadavaran has 31 billion barrels of light and heavy crude oil in play, while the North Azadegan reservoir holds 5.7 billion barrels of crude.
Operators:
National Iranian Oil Company: Operator with 20% interest
Sinopec: 51% interest
onGC Videsh: 29% interest