Iran’s Persia Oil and Gas Industry Development Co. last week signed a 10-year, $463mn agreement with National Iranian Oil Company (NIOC) to develop the North and South Yaran oil fields as part of an ongoing bid to boost capacity from its massive oil reserves.
Per the agreement, the work will add 39.5mn barrels in additional production over the period; the field is said to have around 550mn barrels in place. Work includes drilling six new wells (three in the North and three in the South) in addition to an appraisal well, a water injection well, and repair work on three existing wells. It also includes equipping 27 wells with electrical submersible pumps, the construction and improvement of ground facilities, and using enhanced oil recovery (EOR) to maximize output from the heavy crude fields. (CONTINUED - 880 WORDS)