National Iranian oil company to sign development contract for Changuleh oil field
Date
10/23/2024 5:57:59 AM
(MENAFN) According to reports from Shana, the head of the National Iranian Oil Company (NIOC) has announced that the contract for the development of the Changuleh oil field is set to be finalized soon. Mohsen Khojasteh Mehr revealed that the development agreement for the Chenguleh oil field, boasting an estimated 3.2 billion barrels of oil reserves, aims to achieve an initial production rate of 60,000 barrels of oil per day in its first phase.
The ambitious project is expected to require an investment exceeding USD1.3 billion for successful implementation. As part of the contract terms, the appointed contractor will undertake various tasks, including drilling 18 production wells, two evaluation wells, and two wastewater disposal wells. Additionally, the contractor will be responsible for the repair of two existing wells, as well as the construction of well facilities and flow pipelines. Furthermore, facilities for crude oil processing and transportation of associated gas will also be constructed under the agreement.
Situated in close proximity to the Azar oil field within the Anaran block, the Changuleh oil field shares its boundaries with Iraq's Badra oil field. Initially believed to be an independent reserve, further analysis based on 3D seismic data has revealed its shared status with the neighboring oil field.
According to data from NIOC, the full-scale development of Changuleh is estimated to necessitate an investment of approximately USD2.2 billion. Progress on the project has already commenced, with activities such as 3D seismic tests, identification of well locations, and preliminary infrastructure tasks like cleanup and construction of access roads already underway within the field.
MENAFN11062024000045015839ID1108318795
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.