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$11 billion of investment required to complete Iranian West Karoun development projects

Iran may have some 69 million barrels of oil in floating storage waiting on tankers to travel to buyers when U.S. sanctions on its crude oil exports are removed

$11 billion of investment required to complete Iranian West Karoun development projects

Teheran, October 25 - Neftegaz.RU. Managing Director of the National Iranian Oil Company (NIOC) has said the company requires $11 billion of investment for completing the development projects defined for the oil fields at the West Karoun region.

Speaking in the introductory ceremony of the new head of Petroleum Engineering and Development Company (PEDEC), Mohsen Khojasteh Mehr pointed to the West Karoun joint oil fields as the most important projects of the NIOC and called on the new PEDEC head to strongly focus on the development of the mentioned oil fields especially South Azadegan field.

Iran’s oil industry has been strongly focused on developing joint oil and gas fields, aiming to increase the share of such fields in the country’s oil and gas production.

West Karoun oilfields, which Iran shares with Iraq at the western part of Iran’s southwestern region of Karoun, include 5 major fields namely North Azadegan, South Azadegan, North Yaran, South Yaran, and Yadavaran.

West Karoun holds great importance for the country’s oil industry since according to the latest studies, its in-situ deposit is estimated to be 67 billion barrels containing both light and heavy crude oils, and therefore it could have a big impact on Iran’s oil output increases in the future.

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