News & Reports News Year 2012 July, 2012 China invests $20b in Iran's oil fields that will produce 700,000 bpd

China invests $20b in Iran's oil fields that will produce 700,000 bpd


TEHRAN, July 8 (MNA) – A Chinese company has invested $20 billion in Iran’s Yadavaran and Azadegan oil fields, which are projected to produce 700,000 barrels of oil per day when they reach peak capacity, Iranian Oil Minister Rostam Qasemi announced on Sunday.

“After 10 to 15 years of negotiations with the Chinese side, agreements were struck for the development of the Azadegan and Yadavaran fields, and now the Chinese have started their activities in the fields with a value of 20 billion dollars,” Qasemi said during a visit to the Petropars Company headquarters in Tehran.
Over 20 drilling rigs have been set up at the two oil fields, he added.
The Azadegan oil field is located close to the Iraqi border. The field holds around 33.2 billion barrels of in-situ oil deposits, of which 5.2 billion barrels are recoverable.
The Yadavaran oil field is estimated to hold around 12 billion barrels of in-situ crude oil, some 12.5 trillion cubic feet of associated gases, as well as nearly 1.9 billion barrels of condensates.
Twelve contracts have been signed for the development of joint oil and gas fields, and the development of the Azar and Changouleh fields and some others has already begun, Qasemi stated.