BAKU, Azerbaijan, September 30. The development
of the Azadegan oil field, jointly operated by Iran and Iraq and
known as Majnoon on the Iraqi side, is among Iran’s 20 major
projects.
According to Iran’s Ministry of Economic Affairs and Finance,
Deputy Minister of Economic Affairs and Finance and Head of the
Organization for Investment and Economic and Technical Assistance
Mehdi Heydari said this.
“Azadegan is Iran’s largest oil field. Development of this field
began four months ago, and there have already been positive
developments in this regard,” he said.
Heydari said the country’s most important projects are not
limited to the oil and gas sector. In addition to oil and gas
fields, major projects are being implemented in logistics, solar
power generation, electricity, information and communications
technology (ICT), and other sectors, he said.
The Azadegan oil field covers an area of 1,500 square kilometers
in Iran and contains approximately 32 billion barrels of crude oil.
On the Iranian side, the field is divided into the North and South
Azadegan fields.
On July 5, 2022, the National Iranian Oil Company signed
agreements with state-owned and private banks and drilling
companies to increase production from the field. The agreements,
valued at $7 billion, were scheduled to be completed within two
years.
Production is planned to reach 570,000 barrels per day, with
around 420 wells expected to be drilled at the field.
