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Iran: Iranian Firm Wins USD 230 Million Oil Tender
Publish Date : 24-Feb-2010
Global Petro Tech Kish Company of Iran has won USD 230 million tender for drilling and developing 11 wells at Azar and Band Karkhe oilfields, west and south of Iran respectively. As per report, Iran’s Petroleum Engineering and Development Company have awarded the tender to the GPTKish.
The Azar oilfield operations will be conducted in the section which is associated with Iraq\'s Badra oilfield. Azar field lies in Ilam Province in western Iran and holds 400 million barrels of oil. Based on the reports the field could produce as much as 50,000 barrels of oil to 65,000 barrels of oil per day for 25 years.
According to latest studies, Band Karkheh field holds around 2 billion barrels of oil and has the capacity to produce up to 40,000 barrels of oil for 20 years. Some USD 1.4 billion is required for the development of Azar oilfield which is projected to start early production by March 2011.
