According to Petroleum Engineering and Development Company (PEDEC) website, in this meeting the contractor put forward the related issues and main issues of the documents were approved. The details of the documents will be discussed in subsidiary committees and finalized within the next week.
Keramatollah Behbahani, the contractor of North Azadegan Project, said "The members decided to actively discuss different issues in subsidiary committees and impose deadlines on projects to be carried out faster."
North Azadegan Oilfield lies in the marsh land of Hovalhoveizeh. It is some 460 kilometers square in area. The in-situ oil reserves of the field are estimated to be some 6 billion barrels, 94% of which is in Soruk reservoir. Once the first phase of the project is implemented, 75,000 barrels of oil will be produced per day.
He added since we are short of time, we have planned to accomplish the FEED and basic engineering within 7 months and to set the maximum amount of investment.
He said the maximum amount of investment is now tentative. However, since the contract is in form of an open tender, once the tender is held the maximum amount of investment will be set and finalized in the appointed time.
National outlook of North Azadegan for the country
Some believe that North Azadegan Oilfield lies in a shared formation so we have two different treatments: first, we develop the oilfields and produce the oil for national interests and development. Second, due to economic sanctions and the importance of the project, we attempt and prove that foreign countries will be interested to invest in the projects.
There is a promising future for North Azadegan
"We emphasize on the minimum internal investment of 51% to make the best of experiences of local experts," Behbahani said.
He also said "We have created temporary and permanent job opportunities and we do our best to employ local workforce in the project."
He stated that "All issues were discussed," adding that "if the close relationship maintains between the two companies, time, which is the enemy of the project, will not cause any problem."
He finally said "I hope this responsibility placed upon me will be good for the country and I hope that the projects will be implemented on time."
TMM
