According to the public relations department of Pasargad Energy Development Company, Saeed Shad, the CEO of Pasargad Exploration Development and Production Company, in a press conference stated: "In the early minutes of April 18, 2023, we witnessed the completion of the final phase of production testing on the wells of Sepehr and Jufair fields."
He added: "According to the First Test Production (FTP) procedure, 12 drilling wells were completed, and all the wells are ready for commissioning and initial production."
He emphasized: "We are currently ready to produce 21,000 barrels of oil per day."
The CEO of Pasargad Exploration and Production Company, stated that "this is the first project for the development of an oil field using the capital and expertise of an Iranian company," and said: "The development plan for this field has been implemented through new upstream contracts, and so far, more than $330 million has been invested in its early production. This amount will increase to $440 million in Phase One. Furthermore, the total investment for all phases will exceed $2.8 billion."
He added: "This project has reached the initial production stage through close collaboration with the executives of the National Iranian Oil Company, PECO, Tadbir Drilling Company, and engineering and construction companies in the onshore sector."
He also mentioned: the most important features of the Sepehr and Jufair field development plan are:
- The first Investment and field development contract by an Iranian company
- The highest achieved volume of investment in private sector upstream contracts
- The highest utilization of domestic construction in new upstream contracts
- The highest number of simultaneous drilling rigs
- The highest speed of development in new upstream contracts
- The first domestic construction and running of 10,000 PSI completion string
- The highest oil production in new upstream contracts.
It is worth noting that the estimated amount of oil that can be extracted from this field is 540 million barrels.