The Iran Project
: Iran has started a major project to develop oilfields at one of the country’s old reservoirs that is shared with neighboring Iraq.
Sunday 26 January 2025 - 23:00
Story Code : 434719
Source : Press TV
Iran starts $528 mln project to develop oilfields near Iraq border
The three oilfields are part of the NIOC’s Naftshahr Operation Zone, a reservoir discovered in 1931 that is connected to oilfields in neighboring Iraq. It is located some 72 kilometers from the border city of Qasr-e Shirin and 230 kilometers to the southwest of the provincial capital of Kermanshah.
A report by the official IRNA news agency said that the projects are worth $528 million and will increase production from the three fields by five times to 20,000 barrels per day (bpd) in the next two years.
NIOC’s CEO Hamid Bovard said that the projects will increase the supply of crude oil to Kermanshah Refinery while they will create many jobs for the local youth.
Bovard said that private companies had also contributed to the projects, adding that the investors would be able to earn income from the fields within the next 20 months.
Iran has relied on domestic companies to develop its massive petroleum industry in recent years as the country has been barred from accessing foreign investment and technology because of US sanctions.
Recent data from international organizations and companies show that Iran’s oil production and exports have returned to levels seen before Washington imposed its sanctions on the country in 2018.
Reporter : Editorial of The Iran Project
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