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FinancialNews


  • 31-01-21

    Iran extracts 65,000 barrels per day of oil from Azar field

    (MENAFN)The managing director of Iran's Oil Industries Engineering and Construction Company (OIEC) declared that Iran has begun extracting 65,000 barrels per day (bpd) of oil from Azar field which is its full capacity during the first development phase.

    The first phase of the field’s development project amounted at 97 percent of physical progress and the project will be formally launched soon, stated Gholamreza Manouchehri.

    "This issue had made the development of this field very difficult, and international companies that had previously done the exploration work in this field, believed that only they would be able to develop this field,” he further said, referring to the Azar field’s special geological conditions.

    “However, domestic companies took over the development of the field, and both financing and implementation were successfully done by capable Iranian companies.”

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