Global Petro Tech Kish Company wins contract for Azar and Band-Karkheh fields
Iranian contractor, Global Petro Tech Kish Company, has won the contract to drill and develop the Azar and Band-Karkheh oilfields.
State-owned Petroleum Engineering and Development Company (Pedco) awarded the $230m contract on 20 February, according to state-run news agency Mehr.
The Azar field lies in the western Ilam province and holds about 400 million barrels of oil. The field could yield as much as 50,000-65,000 barrels a day (b/d) for 25 years.
The Band-Karkheh field contains about 2 billion barrels and could produce up to 40,000 b/d for 20 years.
About $1.4 bn will be required for the development of Azar oilfield, which the Ministry of Oil hopes will begin production by March 2011.
You might also like...
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.