News ID: 316583
Published: 0214 GMT September 24, 2021

$10b invested in Iran’s Azar oilfield: Minister

$10b invested in Iran’s Azar oilfield: Minister

Iranian Minister of Petroleum Javad Owji said $10 billion has been allocated to the development project of Azar joint oilfield in the city of Mehran, Ilam Province, western Iran.

The minister made the remarks in a visit to Mehran on Friday, adding, “The top priority in the Petroleum Ministry is to expand oil fields in Ilam, which could lead to a daily production of 330,000 oil barrels [in the province] in coming years,” IRNA reported.

Owji announced the Ministry of Petroleum’s plans to invest further $4 billion in the oil and energy projects of the western Iranian province in the next 4-5 years, with nearly half of the sum defined in the downstream sectors.

“Ilam Province possesses some 3% of the country's oil and gas reserves, as well as a number of independent fields and two joint oil fields, and the Ministry of Petroleum has planned, through subsidiaries and the private sector, up to $2 billion of investment in the upstream sector of the oil industry of the province.”

In the downstream sector, including the petrochemical industry and value chain complementary industries, he added, “over $2 billion of projects have been defined, with part of the projects being bankrolled by the Ministry of Petroleum and its subsidiaries.”

 

The rest will be supplied by the Oil Pension Fund and the Persian Gulf Petrochemical Industries Company (PGPIC), he said.

 

   
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