Iran Starts Production At Oilfield Shared With Iraq
(MENAFN- Iraq Business News)
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.
The National Iranian Oil Company (NIOC) , represented by the petroleum Engineering and Development Company (PEDEC) , is overseeing the project, with the Dana energy Company responsible for field development in collaboration 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.
(Source: Shana)
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