Project Profile
Value: US$1,800 million
Location: Ilam province in western Iran
Reserves: 2.5 billion barrels of oil
Production: 50,000-65,000 barrels of oil per day for 25 years
Production start-up: 2016
The Azar field contains aup to 400 million barrels of oil. The field could yield as much as 50,000-65,000 b/d for 25 years. The development proposed by NIOC will be carried out in two phases.
Phase 1 will focus on the Azar field with the aim to produce 65,000 b/d.
Phase 2 will be initiated one year after Phase 1 and developed in parallel at the Changuleh field, with a targeted production of 75,000-85,000 b/d.
The two phases will overlap and within five years production at the two fields would reach between 140,000 b/d and 150,000 b/d. Recoverable oil reserves of the field is estimated at 400 million barrels with total value of US$40 billion dollars, considering the price of each barrel US$100.
The field\'s development is financed from the National Development Fund (NDF) of Iran.
In total, 10 wells are planned to be spudded including 7 production wells, an appraisal well and a well for wastewater disposal. One well is to be repaired for enhanced oil recovery purpose. There are 5 drilling rigs operating in the field.
Operator:
Petroleum Engineering and Development Company (PEDEC)
(Gazprom and CNOOC are no longer working on the project)
Contractors:
Global Petro Tech Kish (GPTKish): To drill and develop the Azar oil field
National Iranian Drilling Company (NIDC): Drilling contract for Azar field phase I
Oil Industries Engineering and Construction Company (OIEC): Drilling contract
Pars Petro Zagros Engineering & Services (PPZ): PMC Contract
Persia Oil and Gas Company (POGC): Drilling of two oil wells in a 29 month period
Sarvak Azar Co.: Entrusting the task of drilling 10 wells in the EPDS form