Iran’s Minister of Oil Javad Owji said that the development of Azadegan Joint Oilfield will bring more than $115billion worth of revenues and thousands of job opportunities for Islamic Republic.

Speaking in the ceremony of signing a Memorandum of Understanding (MoU) for the integrated development of Azadegan Joint Oilfield between National Iranian Oil Company (NIOC), banks and exploration and production companies, the Iranian Oil Minister Owji said that Azdegan Oilfield is a joint field shared between Iran and Iraq.

“Financing” this giant oilfield project was one of the most important issues that its objectives were realized using financial facilities of banks, major economic holding companies, the oil minister added.

He seized this opportunity to express his thanks to President Raeisi and First Vice President Mokhber for throwing their weights behind this giant project and said, “With the investment of $7 billion made for development of the oilfield, 570,000 barrels of oil per day (bpd) would be produced in this oilfield within the next seven years.”

Earlier, Iranian Oil Minister Javad Owji said an investment of $7 billion was planned in development of Azadegan Oilfield, most of which to be provided by Iranian banks, development companies and National Development Fund of Iran (NDFI).

One of the major goals and concerns of 13th administration is the integration of domestic technical and economic capacities to advance strategic projects in the oil industry. In this regard, last year, 45 memorandums and contracts were signed in the upstream and downstream sectors worth more than $16 billion using domestic resources, he said.