August 31 – According to Iranian news media, PetroChina  will invest US$8.4 billion to develop the Azadegan oilfield, reports China Business News. The site is 80 kilometers west of Ahvaz, close to the border with Iraq.

Iran Oil Engineering general manager Alireza Zeiqami says PetroChina will begin first-phase development of the Azadegan oilfield this year. Its 2011 target is to drill 185 wells.

The Azadegan oilfield has reserves of 3.2 billion barrels of oil, including recoverable reserves of 5.3 billion barrels. Daily capacity of crude oil is expected to reach 600,000 barrels after construction is complete.

Total investment in the Azadegan oilfield is US$12 billion. PetroChina will invest US$8.4 billion, while Iran Oil Engineering and Tokyo-based Inpex Corporation will respectively provide the remaining 20 percent and 10 percent of total investment.