By John Lee.
During his visit to the southwestern province of Khuzestan, Iran's President Seyyed Ebrahim Raeisi marked the official commencement of operations for the Sohrab oil field.
A statement from Iran's NIOC said:
"Representing the National Iranian Oil Company (NIOC), the Petroleum Engineering and Development Company (PEDEC) is managing the project and the Dana Energy Company is in charge of developing the field shared with Iraq."
Under new terms and conditions, NIOC signed a contract with Dana Energy, setting a target for cumulative production of 160 million barrels of crude oil.
The initial phase of development operations is estimated to yield 30,000 barrels per day (bpd). It is projected that the cumulative production will reach the target over the course of the 20-year contract.
[Update, 11th May: The "Sohrab" oil field is the Iranian part of the field known as "Huwaiza" in Iraq. The Iraqi Huwaiza field was awarded to China's Geo-Jade Petroleum in February 2023.]
[Update, 12th May: Article amended to include direct quote from Shana.]
No comments yet.