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Iran's Azadegan Oil Field Output at 40,000 bpd

Source: Reuters 2/3/2010, Location: Asia

Daily output at Iran's Azadegan oil field has reached 40,000 barrels per day (bpd) and will soon hit 50,000 bpd, Deputy Oil Minister Seifollah Jashnsaz was quoted.

"The daily output of the Azadegan oil field reached 40,000 barrels following an increase of 13,000 barrels after the completion of seven new wells," Jashnsaz, who also heads the state National Iranian Oil Company (NIOC), told the semi-official Mehr News Agency.

After completion of more wells, production would soon reach 50,000 bpd, Mehr reported, without giving details. Last July, China's National Petroleum Corporation (CNPC) signed a memorandum of understanding for development of the south Azadegan field. Under that deal, it would pay 90 percent of the costs of a $2.5 billion project.

In January 2009, it signed a deal with the NIOC to develop the north Azadegan oilfield. The deal was worth $2 billion in its first phase.

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