We are proud to announce that Sepehr-Jufair oil field has officially commenced operations following a visit by President Seyyed Ibrahim Raisi to Khuzestan. The inauguration ceremony, conducted via video conference, featured prominent attendees, including Javad Oji, the Minister of Petroleum; Mohsen Khojastemehr, CEO of the National Iranian Oil Company; Majid Ghasemi, CEO of Pasargad Bank; Alireza Sadeghabadi, CEO of Pasargad Energy Group; and Ahmad Mohammadi, CEO of Pasargad Exploration, Development, and Production Company.
During the ceremony, President Raisi highlighted the significant achievements in the development of this field. He emphasized the hard work and dedication of Iranian engineers, consultants, and workers who have driven these important projects forward, contributing to economic growth and production.
"The development in our oil and gas fields, especially the efforts to increase production and reduce the wastage of national wealth through the collection of flare gases, showcases the capabilities of Iranian engineers. This is a source of pride for our nation," President Raisi remarked.
Minister of Petroleum Javad Oji noted substantial progress in the West Karun oil fields under the current administration, emphasizing that six out of nine fields in the region are shared with Iraq and are actively being developed. He stated that the Sepehr-Jufair field, which had only achieved 15% of its development goals at the beginning of the 13th government, has now reached a production capacity of 50,000 barrels of light oil per day, suitable for export.
"Initially, foreign companies were supposed to be involved in the development of the field, but they eventually withdrew due to imposed sanctions. Today, we are proud to open the first phase of this project, accomplished through the efforts of our colleagues at the National Oil Company and Pasargad Energy Company, and with the investment of Bank Pasargad," Minister Oji added. This project was implemented in a remarkably short period with an investment of $414 million.
He further mentioned that new agreements have been reached with Pasargad Energy Company to develop the North Pars field and advance the country's LNG (liquefied natural gas) projects with further investments from Bank Pasargad.
Dr. Majid Ghasemi, CEO of Pasargad Bank, also addressed the gathering, expressing his commitment to the economic development of Khuzestan province. He stated, "The Sepehr-Jufair oil field development plan is a clear manifestation of the resistance in economy, emphasizing added economic value, foreign exchange efficiency, and the significant role of the monetary and banking system in supporting such initiatives."
Dr. Ghasemi also highlighted the importance of the oil and gas industry in creating jobs and generating high added value. In fulfilling their social responsibility, he announced the construction of a technichal school by the Pasargad Group in the Hoveizeh region, seeking approval from the President to open the school.
The development contract for the Sepehr-Jufair field, signed in March 2016 under a new type of oil field development contracts (IPC), marks the first investment and development venture by an Iranian company and the private sector, spearheaded by Pasargad Energy Group. With a total contract value of $2.8 billion, $330 million has been invested so far. The project aims to reach a production capacity of 110,000 barrels of oil per day, with current production already achieving 40,000 barrels per day ahead of schedule. The drilling of 12 wells has been completed, tapping into the oil reservoir at a depth of over 4,600 meters in the Fahlian layer, with pressures exceeding 10,000 psi.