Iran to officially begin production from Sepehr, Jufair oil fields

Iran will officially start production from 7 wells at Sepehr and Jufair oil fields in the Khuzestan Province (south-western Iran), as of next week (April 22 through April 28, 2023), CEO of Iran’s Pasargad Energy Development Company (PEDC), Saeed Shad said, Azernews reports citing IRNA.

According to him, final tests were carried out at the fields on April 18, prior to production. In total, 12 wells at the mentioned two fields are ready for production.

"Currently, it is possible to produce a total of 21,000 barrels of crude oil from both fields," Shad said.

The CEO also added that more than $330 million has been spent on the development of the mentioned fields. Another $440 million is expected to be spent to complete the first stage of development.

In general, it is expected that more than $2.8 billion will be spent for the full production of the fields, he noted.

On April 27-28, Iranian President Ebrahim Raisi will pay visit to Khuzestan Province. During the visit, he will participate in the opening of a number of facilities.

As reported, the development of Iran's Sepehr and Jufair oil fields has been entrusted to Iran’s Pasargad Energy Development Company.

Sepehr field's reserves are estimated at 5.4 billion barrels of oil, of which 450 million barrels are extractable.

Jufair oil field's reserves are estimated at 4.4 billion barrels of oil. Its potential production reaches 390 million barrels, of which 390 million barrels are extractable.