The “Buyback Service Contract” for Development of Azar Oil Field was signed between National Iranian Oil Company (NIOC) and a Consortium consisting of Oil Pension Fund Investment Company (OPIC) and Oil Industries’ Engineering and Construction (OIEC) in dated 18th March 2012.
Subsequently, with NIOC approval, execution of the Contract was assigned to newly established company, Sarvak Azar Engineering and Development (SAED) in 09th July 2012.
The company’s objectives are implementation/execution of project within defined time schedule and budget as per Master Development Plan (MDP) and achieve 65,000 BOPD production.
Development of Azar Common Oil Field and compilation of Enhanced Oil Recovery (EOR) program.
Project execution within proposed Schedule and Budget.
Emphasizing on Health, Safety and Environment (HSE) regulations, with maximum utilization of Iranian (Local Content) technical, engineering and manufacturing capabilities.
Planning to increase the production rate to one hundred thousand barrels for the second phase of field development.