Iran plans $2.2bn oil project

Project is for the Changuleh field, part of the Anaran onshore block

Iran has about 150bn barrels of oil reserves, according to the government.
Iran has about 150bn barrels of oil reserves, according to the government.

Iran is planning a $2.2bn project for an oil field shared with Iraq, state-owned Press TV quoted an Iranian official as saying.

The project is for the Changuleh field, part of the Anaran onshore block in the west of the country. The field is also linked to Iran's Azar field which the country shares with Iraq’s Badra.

The field will be developed in two phases to produce 15,000 bpd in the initial stage before raising output to 50,000 bpd, the executor of the project Ali Abbasi Laraki told the Shana news agency Friday.

Accoridng to Laraki, the project will be introduced at a London conference in December, when Iran unveils a number of post-sanctions projects available to foreign oil and gas companies.

Three-dimensional seismic and infrastructural operations have been completed, pending the investor to be named to start development, Laraki said.

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