Iran’s Doroud and Arvand oil fields have been made available by the Iranian Offshore Oil Company for foreign investment, according to SHANA.

The investment needed in the Doroud field over four years has been calculated, which would be secured through signing F, EPCF and EPDF deals. The project costs will be recouped over a six-year period from the increase in the crude oil production capacity. Investment will take effect after the acquisition of necessary permits from the National Iranian Oil Company (NIOC) Board of Directors and the Economic Council and signing agreements with investors.

This investment package is in line with Iran’s five-year Economic Development Plan for the prioritization of development projects including development of jointly owned oil and gas fields.

Arvand oil field is part of the oil fields shared with Iraq that have been proposed to foreign investors for future cooperation. Foreign companies can sign agreement with Iran based on the content of a newly developed model of contract, Iran Petroleum Contract (IPC).

Currently, Doroud is producing on average 15,431 barrels of oil per day (bbl/d) from its offshore wells and 36,500 bbl/d from its onshore wells.

The Arvand oil field after investment is expected to produce 5,000 bbl/d of oil in the first phase, which would reach 20,000 bbl/d in the final phase.