TEHRAN – The head of the National Iranian Oil Company (NIOC) has said the contract for the development of Changuleh oil field is going to be signed soon, Shana reported.

The development deal of the Chenguleh oil field, which has an in-place reserve of 3.2 billion barrels of oil, is aimed at producing 60,000 barrels of oil per day in the first phase, Mohsen Khojasteh Mehr said.

According to the official, over $1.3 billion is going to be invested to implement the mentioned project.

Based on the deal, the contractor is going to drill 18 production wells, two evaluation wells, two wastewater disposal wells, and repair two wells, build well facilities and flow pipelines, and build facilities for processing and transporting crude oil and associated gas.

Located near the Azar oil field in the Anaran block, Changuleh is shared with Iraq's Badra oil field. The field was primarily considered to be independent, but analysis of 3D seismic data proved its shared status.

Based on NIOC data, Changuleh is estimated to need $2.2 billion in investment to be fully developed.

So far, 3D seismic tests, determining the location of wells, and infrastructure activities like cleanup and construction of access roads have been carried out in this field.

EF/