2020 1 October Fa

PEDEC Signs $600mn Yaran Oilfield Development Deal

Petroleum Engineering and Development Company has inked a contract worth $600 million with Energy Persia Company to develop Yaran Oilfield.

PEDEC Public Relations was quoted as reporting that the contract was signed on Tuesday with Oil Minister Rostam Qasemi, NIOC managing director Ahmad Qalebani, PEDEC managing director Naji Sadoni and the head of board of directors of Energy Persia Company Qolam Hossein Nozari in attendance.

On the sideline of the ceremony held to sign Yaran oilfield development plan Naji Sadoni said early production from the field would stand at 10 to 15 thousand barrels of oil per day and once the project is completed the rate would hit 20 to 25 thousand barrels.

Alluding to the four major contracts signed by the Petroleum Engineering and Development Company in less than four months to develop the Iranian oil industry Sadoni said two of the deals relate to joint oilfields development.

“Second phase of Mansouri oilfield contract to be signed within next week”, he said.

Yaran oilfield is located in the west of Karoon River and near Azadegan oilfield, covering an area of 65 sq km with 1.1 billion barrels of crude reserve.

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30 / 11 / 2011