Iran launches project to boost oil production from shared Yadavaran field, 17 June

Iran launches project to boost oil production from shared Yadavaran field

Shafaq News / Iran has announced the commencement of a project to increase oil production from the Yadavaran oil field, which it shares with Iraq, aiming to produce an additional 42,000 barrels of oil per day with an investment of $350 million.

The field had been practically shut down since 2016, but the execution phase for drilling 24 wells in the Yadavaran field began on Friday. Contracts related to the drilling of these wells were signed at the International Oil Industry Exhibition. 

The project is divided into three contracts, with a total value of approximately $350 million.

The plan involves drilling the wells in the Fahliyan and Sarvak layers, with 12 wells designated for each layer, over a span of 24 months. This initiative aims to sustain and increase the field's daily production by 42,000 barrels.

Iranian Oil Minister Javad Owji emphasized that the ministry will not wait for foreign companies, which had executed the first phase of Yadavaran field development, and will commence the second phase using local resources starting next week.

Yadavaran is one of Iran's largest shared oil fields with neighboring countries, located 70 kilometers southwest of Ahvaz and north of Khorramshahr, in the geographical area of Kushk and Hoseiniyeh.