Iran fast-tracks development of two West-Karoun oil fields with $7 billion plan. The Azadegan fields are shared with Iraq in which it forms the supergiant Majnoon field. Russian oil firms are at the forefront of the development The ramping up of production from its hugely oil-rich West Karoun cluster of oil fields to at least 1 million barrels per day (bpd) remains one of Iran’s core strategic economic priorities, along with maintaining gas production of at least 1 billion cubic metres per day, and continuing to build out its value-added petrochemicals production to at least 100 million metric tons per year. Two of these West Karoun fields – North Azadegan, and South Azadegan – are now the focus of a concerted US$7 billion fast-track development plan, involving Russian oil firms at the forefront, with some support from China. Both fields are shared fields with neighbouring Iraq, in which it […]