Iran signs a contract with Dana Energy for $800 million for development of Sohrab oilfield

11:38 - 7.02.2022

February 7, Fineko/abc.az. The National Iranian Oil Company (NIOC) has signed a $800 million contract with Dance Energy for the development of the Sohrab oil field bordering Iraq.

According to NIOC, the financing, development and operation of the field has been entrusted to Dana Energy within the framework of a new model of oil transactions - Iran Petroleum Contract (IPC).

Within the framework of the project, it is planned to produce 30,000 b/d of oil. It is assumed that the total oil production under the contract for 20 years will amount to 160 million barrels.

The project envisages the drilling of 20 new wells, the construction of a pipeline and a separation plant.

The Sohrab field is located northwest of the city of Ahvaz in Khuzestan province and along the Iran-Iraq border. This is a joint block with the Huweiza oil field in Iraq, the development of which began several years ago.

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