$6 billion in buyback investments in West Karoun oil fields

EghtesadOnline: Six billion dollars have been invested in the oil fields in Khuzestan's West Karoun Region, says Nureddin Shahnazizadeh, Director of Iran's Petroleum Engineering and Development Company (PEDEC).

News ID: ۷۳۸۰۲۴

13 November 2016

Shahnazizadeh said on Sunday that production in the three oil fields of North Azadegan, North Yaran, and Yadavaran have been officially launched in the presence of President Hassan Rouhani who is visiting the southwestern province of Khuzestan, IRNA reported.

'With the official inauguration of the projects in West Karoun Region, the production of oil is expected to hit 300 thousand barrels daily,' he said.

According to Shahnazizadeh, the financing for the three projects have been through buyback contracts.

'The North Azadegan oil field has been financed by the China National Petroleum Corporation International Ltd., while Yadavaran and North Yaran fields have been financed by China's Sinopec Group and the Persian Oil and Gas Development Company affiliated with The Execution of Imam Khomeini's Order, respectively,' he said.