The collective oil output from Sepehr and Jufair Oilfield reached 450,000 barrels a month since the field began production.
Sepehr and Jufair Oilfield, located in Khuzestan Province, produces a daily average of 21,000 barrels of oil, Pasargad Energy Development Company quoted Tasnim News Agency as saying.
Sepehr and Jufair Oilfield is the first field developed under the Iran Petroleum Contract (IPC). Oil production from the field started about one month ago and 450,000 barrels of oil have already been produced.
Ten out of 12 production wells have already been drilled and drilling of the remaining two wells is underway.
Oil production from the field reached 24,000 barrels per day (bpd). However, its average production stands at about 21,000 bpd which is expected to rise to 50,000 bpd.
National Iranian Oil Company (NIOC) and Pasargad Energy Development Company signed an agreement in March 2018 to develop the Sepehr and Jufair Oilfield. Upon the agreement, the field will produce 36,000 bpd in the first phase which will increase to 110,000 bpd by the end of the second phase and to 540,000 bpd within 20 years, through 2.8 billion dollars of investment.