Iran intensively developing its oil fields

Iranian President Ebrahim Raisi inaugurated several major projects during his visit to Khuzestan in southwestern Iran.

The head of state inaugurated operation of Sepehr and Jofeir oil fields in the West Karun region.

Raisi issued an official order to commence operations at the Sepehr and Jofeir oil fields via video conference, with Iranian Oil Minister Javad Owji in attendance.

The inauguration ceremony highlighted the importance of the Sepehr and Jofeir oil fields, which currently contribute over 50,000 barrels per day (bpd) to Iran’s oil production.

The goal is to extract 74,000 bpd of oil from these fields over a 20-year period, with an investment exceeding $2.8 billion.

Speaking on the sidelines of the inauguration ceremony, Owji said oil production in the province of Khuzestan has jumped one million bpd since the 13th Iranian administration took office in August 2021.

“The volume of oil extracted from Khuzestan’s fields amounted to 1.7m bpd when the 13th administration took over while the figure now stands at 2.7m bpd,” Owji said.

According to the National Iranian Oil Company (NIOC) managing director West Karun is home to 86% of Iran’s shared oil reserves.