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Plan is to extract 39.5 million barrels of crude in 10 years

Tehran — Iran will pursue raising oil production and development plans despite existing US sanctions, which Oil Minister Bijan Zanganeh sees as temporary, the ministry's news service Shana reported July 11.

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"It is true that our oil production has now decreased because of the unfair sanctions. But it will not remain like this forever. We should increase capacity so that anytime needed, we enter the market with full force and revive our share," Zanganeh said, according to Shana.

Speaking at a ceremony for a development of the Yaran oil field, Zanganeh said that contracts for all shared oil and gas fields will be signed before the current Rouhani administration leaves next summer. President Hassan Rouhani's term ends next year.

The $300 million contract to develop the Yaran oil field was signed between the state-run Petroleum Engineering and Development Co. and the local contractor Persia Oil and Gas Industry Development Co., according to Masoud Karbasian, National Iranian Oil Co. managing director. The project aims to extract around 39.5 million barrels of crude within 10 years. The contractor is responsible to provide the total investment.

The project involves design of an enhanced oil recovery plan, drilling six wells (three in North Yaran and three in South Yaran), a descriptive and a drilling well, repair of five wells, installation of ESP in 27 production wells and updating ground facilities,

The Yaran oil field is located in the southwest Khuzestan province and is shared with Iraq's Majnoon oil field. The northern Yaran was developed by Persia Oil and Gas producing 30,000 b/d of crude since 2016. Production in South Yaran started in 2017.

The project will generate $2 billion of income for the country, NIOC's Karbasian said.

"This contract is the sixth under the new petroleum contracts (IPC)... also good news are on the way from development of Azadegan and Yadavaran fields," Karbasian said. The two fields are the most significant projects shared with Iraq.

The US sanctions on Iran's energy sector have barred IOCs from entering the country's underdeveloped oil and gas fields. The oil ministry has been contracting local companies to do the job.

Preparations have been made to sign contracts for Changuleh, Sohrab and South Pars oil fields as well as Reshadat and Forouzan offshore oil fields, Karbasian said. The shared Naft Shahr oil field is being developed by the National Iranian Drilling Co., he said.

The remaining two phases of South Pars, the massive gas field shared with Qatar, will be completed in the next Iranian year that starts March 21. Balal and Farzad B are other offshore gas fields, with plans yet to be decided. Contracts for onshore oil fields Aban and West Paydar have become effective, Zanganeh said.

"Before the end of this government, all the shared oil and gas fields will be decided. I don't say their development will complete but all the fields will be decided under real contracts with capable companies," Zanganeh said.