Pres. Rouhani unveils three oil projects

TEHRAN, Nov. 13 (MNA) – President Hassan Rouhani has inaugurated three projects to increase crude production at West Karun joint oilfields.

The projects, which officially came on stream at the presence of President Rouhani on Sunday morning, include the first phase of the development project in North Azadegan with a daily production capacity of 75 thousand barrels as well as the first phase of Yadavaran and North Yaran oilfields with a capacity of 85 and 30 thousand barrels per day respectively.

An aggregate total of 6.15 billion dollars of investment have been made within the framework of buyback contracts for development of the three shared fields.

Approximately three billion dollars have been invested to develop the first phase of Yadavaran oilfield in collaboration with Sinopec of China.

Developmental project for phase one of North Yaran joint oilfield has been carried out in partnership with Iran’s Tadbir Energy Development Group Company with a total investment figure of 600 million dollars.

Furthermore, CNCPC of China has cooperated in developmental project of North Azadegan’s first phase which required an investment of up to 2.55 billion dollars.

At the present time, a daily average of 260 thousand barrels of crude oil are being recovered from West Karun joint oilfields while the figure is estimated to exceed 300 thousand barrels by the end of the current Iranian calendar year (to end on March 20, 2017).

HA/3822862

News Code 121301

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