At a ceremony on Saturday, the CEO of the Iranian National Oil Company (NIOC) and local officials announced the inauguration of development projects in three oil fields, the Smar and Saman oil fields in Kermanshah province, and the Deravaran oil field in Ilam province. ordered.
The three oil fields are part of NIOC’s Naftshahr operational zone, a reservoir discovered in 1931 and connected to oil fields in neighboring Iraq. It is located approximately 72 km from the border city of Qasr-e-Shirin and 230 km southwest of the provincial capital Kermanshah.
The project is worth $528 million and will increase production five times from three oil fields to 20,000 barrels per day (bpd) over the next two years, state-run IRNA news agency reported.
NIOC CEO Hamid Bovar said the project will increase crude oil supply to the Kermanshah refinery while creating many jobs for local youth.
Private companies are also contributing to the project, Bobard said, adding that investors will be able to receive income from the fields within the next 20 months.
Iran has relied on domestic companies in recent years to develop its large-scale oil industry because U.S. sanctions bar it from accessing foreign investment and technology.
Iran’s oil production and exports have returned to levels before the U.S. government imposed sanctions on the country in 2018, according to recent data from international organizations and companies.
MNA/