Nasrollah Zarei, the managing director of the Petroleum Engineering and Development Company ( PEDEC) made the remarks, adding: “With the efforts and hard work of the colleagues at the PEDEC and the  Pasargad Energy Development Company, well number 7 of the Sepehr and Jofeir fields has come online, and production from the two fields has reached about 51,000 barrels of oil per day.”

He further said that PEDEC plans to increase production from the Sepehr and Jofeir oil fields to 62,000 barrels per day by the end of this Iranian calendar year, up to March 20, 2025.

The managing director of PEDEC continued: “In the last two months, with the operation of two new wells, production from the Sepehr and Jofeir fields has increased from 40,000 barrels to about 51,000 barrels of oil per day, and with the planning in place, we will reach the specified production goals by the end of the year.”

Ahmad Mohammadi, the managing director of Pasargad Energy Development Company, also announced: “Well number 7 is the third well of the Sepehr and Jofeir oil fields that has entered production since the beginning of the year 1403 on 21 March 2024.” He added that considering well number 7, the total daily production added in the Sepehr and Jofeir fields this year is over 12,000 barrels, which is a significant figure in the upstream oil sector.

Mohammadi continued that the cost of bringing an oil well into production in an undeveloped field ranges from $20,000 to $25,000 per barrel, adding: “The increase of over 12,000 barrels added this year to the production of the Sepehr and Jofeir oil fields is the result of the investment by the Pasargad Energy Group in these fields.”

He emphasized the importance of the production in the Sepehr and Jofeir oil fields due to their high-pressure complex reservoir and design, asserting: “Increasing oil production from a field to over 50,000 barrels per day is a very significant and major task that has been accomplished using domestic capabilities and is considered a great success worldwide.”

The Sepehr and Jofeir oil fields are located in the West Karun region, southwest of Ahvaz.

The 20-year contract for the development of the Sepehr and Jofeir oil fields aims to produce oil from one of the deepest and highest-pressure oil layers in Iran and is the first of the new oil contracts that has led to oil production.

135 oil wells are planned to be drilled by the end of this project, and upon completion of the contract, production will reach 110,000 barrels of oil per day from the Sepehr and Jofeir fields.