The National Iranian Oil Company (NIOC) awarded the development contract of Azar Oil Field within the framework of Buy-Back contracts to a consortium consisting of Ahdaf Investment Company and OIEC, and the contract became effective in April 2012. This consortium established Sarvak Azar Engineering and Development Company (SAED) in 2012 for project implementation. Consequently, SAED was established to carry out operations related to the development of the most complex oil field in the Middle East, which is shared with Iraq, and also to create a capable company for the development of similar future projects.
With the decision of the shareholders to adopt an approach focused on establishing a leading oil and gas field development company in the country, the organizational structure shifted to a project-oriented model. Team members were placed under the full-time supervision of project managers. The main objective of the project was to produce 30,000 barrels of oil per day in the early phase and increase it to 65,000 barrels of oil per day in the final phase by drilling 20 wells and constructing all surface facilities for oil export. Oil exports from the Azar field began in 2016, and the contractual commitments for early production were met from the beginning of 2017. The final production test was successfully completed on January 4, 2021, achieving a daily production of 65,000 barrels of oil.
Following the successful development of the Middle East's most complex field, shareholders of this company, based on the ten-year experience gained during the development and operation of the Azar oil field, have decided to change the company's strategy. Now, after undergoing an evaluation process, this company has joined the ranks of exploration and production (E&P) companies, and the development of hydrocarbon fields is on the agenda for the future of the company.