TEHRAN - Iran's Sepehr-Jufair oilfield are ready to launch as production tests in the fields' final stage have been successfully completed.
According to Pasargad Exploration, Development, and Production Company CEO Saeed Shad, after drilling 12 wells in line with the First Target Production (FTP) work description, all wells were deemed ready for exploitation and primary production, with an initial production goal of 21,000 barrels of oil per day.
The investment for early production has already exceeded $330 million, and Shad confirmed that the amount would rise to $440 million in phase one, with the total investment for all phases estimated to reach $2.8 billion.
"This marks the first Iranian company's oil field development project with in-house expertise and capital," said Shad, adding that the development plan was executed through new upstream contracts. "The project has reached its initial production with the close cooperation of the National Iranian Oil Company's respected managers, Pezhvak Energy's powerful forces, Tadbir Drilling Development Company (TDDC), and engineering and implementation companies in the surface sector," he said.
The Sepehr-Jufair oilfield development plan boasts several significant features, including the largest amount of investment realized in upstream contracts of the private sector, the largest utilization of domestic manufacturing in new upstream contracts, and the first domestic manufacturing of 10,000 PSI completion equipment, among others.
These oilfields are estimated to hold 540 million barrels of oil, further enhancing Iran's position as a significant producer of crude oil in the region.