TEHRAN (NIOC) _ The CEO of the Petroleum Engineering and Development Company (PEDEC) says the company is planning to ramp up crude oil production from the joint Azar and South Azadegan oilfields during the current Iranian calendar year which began on March 21.
Noureddin Shahnazizadeh said production of crude oil from South Azadegan will reach 170,000 b/d and Azar’s 65,000 b/d by the end of the calendar year.
He said, last Tuesday, that possible renewed sanctions on Iran would be costly, but not to the extent to worry officials.
“[Probable] sanctions will increase our costs and cause [implementation of] our projects to last longer, but we are not worried,” Nouroddin Shahnazizadeh said.
“The oil production from the South Azadegan [oil field] has increased from 30,000 b/d to 100,000 b/d owning to domestic capabilities. Therefore we can still continue with development with the help of domestic capabilities,” he added.
Shahnazizadeh said that “Sanctions are not good, but we are not worried and we don’t fear them,” said. “We never welcome sanctions, but even if new sanctions grip the petroleum industry we will strongly and firmly continue our development activities, as we have already done.”
He said that European companies were engaged in talks with Iranian companies with a view to more cooperation.
PEDEC administers oil industry projects in the West Karoun area, which houses fields shared with neighboring Iraq. PEDEC is currently supplying up to 350,000 b/d of oil, which is expected to exceed 450,000 b/d by next March.