Iran eyes Azar oil output in 2015

Iran's Azar oil field is expected to start producing 30,000-35,000 b/d by next year's third quarter.

Azar will add 65,000 b/d to Iran's oil production capacity once fully developed. The project cost will be more than $1bn, Iran's oil minister Bijan Namdar Zanganeh said.

A total of 19 wells are planned to be drilled at Azar, five of which have been completed. The field is part of the West Karun cluster of fields, of which many of which are shared with neighbouring Iraq. The West Karun fields will produce 1mn b/d by 2018, Zanganeh said.

The 32°API Azar is estimated to hold oil reserves of 2.5bn bl with recoverable reserves of 400mn bl. The field was supposed to be developed by Russia's state-controlled Gazprom, but after lengthy negotiations it was replaced by an Iranian consortium. Norway's state-controlled oil firm Statoil had previously been in talks with Iran over developing Azar but abandoned its interest in 2008.

ra/rjd

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