Asset Report

Azadegan South

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06 March 2018

Azadegan South

Report summary

Azadegan is the largest oil field discovered in Iran in the last 30 years, and one of the biggest globally, with estimated oil in place of around 33.2 billion barrels (including Yaran North and Yaran South). It is located onshore, adjacent to the giant Majnoon field in neighbouring Iraq. Azadegan was discovered in 1998 and is 95 kilometres west of Ahvaz and 105 kilometres north of Abadan. Development of Azadegan is among the top upstream priorities of NIOC. The first and second development phases envisage production reaching 320,000 b/d before 2020 and 600,000 b/d by 2025. The initial full capital investment for the first phase was estimated at US$5.5 billion.

Table of contents

  • Key facts
    • Summary
    • Key issues
      • Phase 1
      • Phase 2 (IPC)
  • Location maps
    • Historical - Buy-back contract
      • INPEX
      • PetroIran
      • CNPC
    • Field structure
    • Reservoirs
    • Oil quality
  • Well data
  • Exploration
  • Reserves and resources
    • First development phase
    • Second development phase
    • Initial development plans
      • Mine clearance
    • Early production phase
    • First development phase
      • Azadegan South Phase 1 (CNPC)
      • Azadegan South Phase 1 (PEDEC)
    • Second development phase
    • NGL-3200
  • Infrastructure
    • Capital Costs
      • Buy-back Costs
      • NIOC Costs
      • Phase 2
    • NIOC Capital Costs
      • Phase 2
    • Operating Costs
  • Sales contracts
    • NIOC Contract Terms
      • Government Priority Production
      • Income Tax
      • Capital and Operating Costs
      • Depreciation
    • Buy-back Contract Terms
      • Cost Recovery
      • Profit Petroleum/Remuneration Fee
      • Income Tax
      • Royalty
      • Bonuses
      • Entitlement
    • Iran Petroleum Contract
    • Cash Flow
    • Discount rate and date
    • Inflation rate
    • Oil price
    • Global Economic Model (GEM) File
    • Cash flow
    • Indicative technical valuations

Tables and charts

This report includes 33 images and tables including:

  • Key facts: Table 1
  • Index Map
  • Azadegan South map
  • Participation: Table 1
  • Well data: Table 1
  • Reserves and resources: Table 1
  • Reserves and resources: Table 2
  • Infrastructure: Table 1
  • Sales contracts: Table 1
  • Production: Table 1
  • Production: Table 2
  • Production Profile - Azadegan South Phase 1
  • Production Profile - Azadegan South (Buy-back Contract)
  • Costs: Table 4
  • NIOC Phase 1 cash flow
  • Economic analysis: Table 2
  • Economic analysis: Table 3
  • Split of Revenues
  • Cumulative Net Cash Flow - Undiscounted
  • Cumulative Net Cash Flow - Discounted at 10% from 01/01/2019
  • Remaining Revenue Distribution (Discounted at 10% from 01/01/2019)
  • Remaining PV Price Sensitivities
  • Buy-back Phase 1 cash flow
  • Economic analysis: Table 5
  • Economic analysis: Table 6
  • Split of Revenues
  • Cumulative Net Cash Flow - Undiscounted
  • Cumulative Net Cash Flow - Discounted at 10% from 01/01/2019
  • Economic analysis: Table 7
  • Participation: Table 2
  • Buy-back Capital Costs
  • Costs: Table 2
  • Costs: Table 3

What's included

This report contains:

  • Document

    Azadegan South

    PDF 8.17 MB

  • Document

    Azadegan South

    XLS 553.50 KB

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    Azadegan South

    ZIP 8.11 MB