Crude oil extraction from Sepehr-Jofeir Oilfield kicks off
Iran has started pumping 21,000 barrels per day of crude from Sepehr-Jofeir Oilfield in the southwestern Iranian province of Khuzestan, which is delivered to the processing unit of West Karoun Refinery, announced a member of Energy Committee of Iranian Parliament on Sunday.
Qassem Saedi said the oilfield, with an area of 352 square kilometers, is located in the east of the Azadegan Oilfield, west of the Karun River, and is considered the deepest and most pressurized oilfield in Iran, IRNA reported.
According to the initial contract, if all of the 21 wells of the oilfield are put into operation, it will be possible to produce 110,000 barrels of oil per day, which is definitely effective in economic growth and employment of young people in the region, he noted.
The lawmaker put the total amount of investment to complete all phases at $2.8 billion, saying that $440 million has been allocated for the first phase of the project. The National Iranian Oil Company (NIOC) and a company affiliated with the Bank Pasargad have signed an upstream deal within the framework of the Iran Petroleum Contract (IPC) and operations for the development of Sepehr-Jofeir field which began in September 2019.