The Iranian Oil Ministry announced that the development of Iran’s largest oilfield, Azadegan – in a very strategic location near the Turkish and Iraqi borders – is to be completed by mid-2023. According to the ministry’s Twitter account, the total production is estimated to reach 320,000 barrels per day. To reduce the sanctions-related economic strife, in July 2020, a unit of state-run NIOC signed a deal with the local company Petropars to raise output capacity to 320,000 bpd from 140,000 bpd within 30 months at the Azadegan field, in order to increase the export to Iraq. The report came as indirect talks on the 2015 nuclear deal between Iran and the United States resumed.
- Iran sees Azadegan oilfield development completed by 2023