The development and production plan for the Masjed Soleiman oil field, the oldest oil field in the Middle East, which has been awarded to Sina Energy Holding under an IPC (Integrated Petroleum Contract), has been approved by the Economic Council.
According to Sina Energy, the plan, with an investment of $260 million by Sina Energy Holding and a target of increasing production by 21 million barrels of oil over 14 years, was approved during the Economic Council’s meeting on December 16. The development and operation of the northern flank of the Masjed Soleiman oil field have been entrusted to Sina Energy under an IPC after intensive technical, contractual, and financial negotiations, aligning with national macro-policies, five-year development plans, and the principles of a resilient economy.
The objectives of the Masjed Soleiman development project include maximizing recovery from the field, contributing to the region’s development and empowerment, and serving the resilient and proud people of the area.
The operational scope of the project involves drilling 15 new wells, repairing, completing, and restoring production from five existing wells, installing 70 downhole pumps in the field’s wells during the contract period, repairing and reactivating the existing production unit, constructing roads and well sites, building surface facilities such as wellhead equipment, flowlines, separators, and updating reservoir simulation models.
Key benefits of the project include attracting investment, accelerating the field’s development and production, and generating approximately $1.35 billion in revenue for the country during the contract period.
