Iranian Oil Minister Javad Owji said that the country’s giant oilfield, Azadegan, will have the capacity to produce 570,000bpd of crude after development in the next 7 years.

The development of Azadegan joint oilfield will generate over $115bln worth of revenues and also create 24,000 job opportunities in the country, Owji said, addressing a ceremony to sign a Memorandum of Understanding (MoU) for the integrated development of Azadegan joint oilfield between National Iranian Oil Company (NIOC), banks and exploration and production companies.

He noted that Azadegan oilfield is a joint field shared between Iran and Iraq.

“Financing” this giant oilfield project was one of the most important issues that its objectives were realized using financial facilities of banks, major economic holding companies, Owji added.

He seized this opportunity to express his thanks to President Raeisi and First Vice President Mokhber for throwing their weights behind this giant project, and said, “With the investment of $7bln made for the development of the oilfield, 570,000 barrels of oil per day (bpd) would be produced in this oilfield within the next seven years.”

Azadegan oilfield in Southwestern Iran is estimated to hold 33 billion barrels of crude in place, and as such, is one of the largest oilfields in the world.

Iran has repeatedly attempted to launch the development of the joint field with Iraq, with the cooperation of foreign investors, but those ventures have failed.