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The Yadavaran Field is an oil field in
The Yadavaran Field is an oil field in Khuzestan
Khuzestan province () is one of the 31 Provinces of Iran. Located in the southwest of the country, the province borders Iraq and the Persian Gulf, covering an area of . Its capital is the city of Ahvaz. Since 2014, it has been part of Iran's ...
, Iran
Iran, officially the Islamic Republic of Iran (IRI) and also known as Persia, is a country in West Asia. It borders Iraq to the west, Turkey, Azerbaijan, and Armenia to the northwest, the Caspian Sea to the north, Turkmenistan to the nort ...
. Discovered by the NIOC, it is made up of two former fields, Koushk (discovered in 2000) and Hosseinieh (discovered in 2002). After researchers discovered that the two fields were actually connected, the field was renamed as the Yadavaran Field.
The field is estimated to have reserves of up to 17 billion barrels (2.7 km3) of oil, with 3 billion barrels (0.5 km3) considered to be recoverable.
On October 29, 2004, Iran negotiated a $70 billion deal with Sinopec
China Petroleum and Chemical Corporation, or Sinopec Group, is a Chinese oil and gas enterprise based in Chaoyang District, Beijing. The SASAC administers China Petroleum and Chemical Corporation for the benefit of State Council of the ...
, giving the Chinese company a 51% stake in the field's development. As part of the deal, China agreed to buy 10 million metric tons of liquefied natural gas
Liquefied natural gas (LNG) is natural gas (predominantly methane, CH4, with some mixture of ethane, C2H6) that has been cooled to liquid form for ease and safety of non-pressurized storage or transport. It takes up about 1/600th the volume o ...
(LNG) from Iran per annum for 25 years.
In December 2007, NIOC and Sinopec signed the final agreement for development of Yadavaran oil field. Based on the contract field will reach to the of production capacity. Sinopec will be operator with a 51% stake in the project and NIOC holding the remaining interest. Total project cost at around US$2 billion.
In a third phase the field is expected to reach of production capacity.
The field will be developed under an enhanced Iranian buyback contract. The most significant revision in terms from earlier versions is that the partners will only agree the target capital cost of the development following receipt of construction tender submissions. This should reduce the contractors’ exposure to value erosion through cost inflation.
The oil field is currently at an early production of after 16 months development by the Chinese contractor.
See also
* Azadegan * NIOC Recent Discoveries * Iran Natural Gas Reserves *South Pars
The South Pars/North Dome field is a natural-gas condensate field located in the Persian Gulf. It is by far the world's largest natural gas field, IEA, World Energy Outlook 2008 - Chapter 12 - Natural gas resources and production prospects, p.29 ...
*North Pars
North Pars Gas Field () is one of the biggest independent gas fields of the world. This field which was discovered in 1967 is located some 120 kilometers south east of Bushehr province in water depths of 2 to 30 meters in the Persian Gulf.
In 19 ...
*Golshan Gas Field
The Golshan gas field is one of the NIOC Recent Discoveries which is located at approximately 180 km south east of Bushehr, 65 km offshore the Persian Gulf. The volume of gas in place (GIP) of the field is estimated at 42 to 56 TCF.POGC Websi
O ...
*Ferdowsi Gas Field
The Ferdowsi Gas Field is one of the NIOC Recent Discoveries, located at approximately 190 kilometers southeast of Bushehr, 85 kilometers off the coast of Iran, in the Persian Gulf
The Persian Gulf, sometimes called the Arabian Gulf, i ...
* Persian LNG
* Al-Fakkah Field.
References
{{Coord, 30.988352, N, 48.042355, E, source:cswiki_region:IR, format=dms, display=title Oil fields of Iran Buildings and structures in Khuzestan province Geography of Khuzestan province