The North Yaran field development is the first completely Iranian buy-back project which is planned to produce 30,000 barrels per day of crude oil in second half of this year.
Buyback contract is a bilateral contract. Rights and obligations related to the sale of equipment and Technology in the initial contract and the obligations arising from the use of equipment related to sales of the product obtained above buyback will be included in the contract.
According to public relations of ministry of petroleum, April performance report of the project indicates 84 percent progress. Besides, the upstream section and early production phase have made 73 and 100 percent progress so far.
Some of the recently done activities in project during the past few months include drilling of 20 wells, delivery of long lead items to the site, the first 6-inch pipeline package transportation to the site, end of main road operation, and Connecting Well No. 3 to early product.
Engineering and Development Company (PEDEC) is the client of the field’s development project and Oil and energy industries development (OEID) is performing the consultation and supervision of the drilling activities.
North Yaran oil field is located in Khuzestan Province, approximately 130 kilometers west of the provincial capital city of Ahvaz and close to Iran-Iraq border. It is situated in the west of North Azadegan and the north of South Yaran oil field and it is expected to produce oil with API gravity between 16 and 18. The field holds an in-place oil reserve of 998 million barrels.
