Iran's Azadegan Oil Field Development Project Gains Momentum

The Iranian government is making significant strides in its oil sector through the development of the Azadegan oil field, which is jointly operated by Iran and Iraq. According to Mehdi Heydari, Deputy Minister of Economic Affairs and Finance, the field's development began four months ago with positive results already emerging.

Azadegan is Iran's largest oil field, covering an area of 1,500 square kilometers and containing approximately 32 billion barrels of crude oil. The field is divided into two sections: North Azadegan and South Azadegan. A $7 billion agreement was signed in July 2022 to increase production from the field, with plans to reach 570,000 barrels per day through drilling around 420 wells.