First Fully Iranian Developed Oil Fields Inaugurated by President Raisi

These fields, located in Khuzestan province and the western Karun region, are notable for their fully Iranian development, with all studies, engineering, and implementation conducted by Iranian experts.

The inauguration ceremony, part of Raisi's visit to Khuzestan province, showcased the importance of the Sephar and Jofeir oil fields, which are now contributing over 50,000 barrels per day to Iran's oil production.

Managed by Pasargad Energy Development Company, the development of these fields under an IPC contract signifies a crucial step in Iran's exploration and production endeavors. The project has already achieved stable production, reaching a capacity of approximately 55,000 barrels per day.

Mohsen Khojastehmehr, the Head of the National Iranian Oil Company, emphasized the project's national significance, highlighting a $2.8 billion contract aimed at exporting 50,000 barrels per day of light crude oil.

Despite challenges posed by the high pressure of the reservoir, the project prioritized domestic construction, utilizing specialized equipment to meet stringent operational requirements. This included the installation of a 51-kilometer oil flow pipeline and the construction of access roads spanning over 32 kilometers.

Expressing gratitude to the teams involved, Khojastehmehr underscored the project's role in promoting domestic production and technological advancement.

According to a contract signed in March 2018 between the National Iranian Oil Company and Pasargad Energy Development Company, the project's first phase production rate must be 36,000 barrels per day, rising to 110,000 barrels per day by the end of the second. The goal is to extract 540 million barrels of oil from this field over a 20-year period, with an investment of more than $2.8 billion.

This 20-year contract, which aims to produce oil from one of Iran's deepest and most pressured oil layers, is the first of the new oil contracts to result in oil production.