Taghribnews (TNA) - Iran announces $7 billion investment in Azadegan oil field

The Minister of Oil of the Islamic Republic of Iran Javad Owji has announced the operationalization of the development of the joint Azadegan oil field with financing of 7 billion dollars.

Azadegan oil field is located in the southwest of Iran, 80 kilometers west of Ahvaz and near the city of Sosangard and near the Iran-Iraq border.

The total amount of oil in the reservoirs is more than 34 billion barrels and its recoverable oil is estimated at about 2 billion barrels.

Due to the large size of Azadegan oil field, its development has been divided into two sections, North and South Azadegan.

The development of this joint oil field, which started several decades ago, has not reached the predetermined production level and Iran is trying to develop this joint field by relying on Iranian power and potential. ‎

"Javad Owji", Iran's oil minister, posted a message on Twitter and wrote: "For the first time in the history of Iran's oil industry, the integrated development plan of the joint Azadegan oil field, with financing of 7 billion dollars from public and private banks, economic holdings and the National Development Fund will be operational with the aim of increasing the production of this field to 570,000 barrels per day."

Referring to Owji's tweet, the spokesman of Iran's government Ali Bahadori Jahromi also praised the move and called it as great task based on Iran's potential and the resolution of the Iranian nation.
He also described it as the synergy among the Iran's countless national capacities which is capable of neutralizing the impact of unlawful sanctions against Iran.