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. SAED’s Goals Success of the company in meeting the outlined objectives, will be guaranteed by determined and persistence pace which SAED and shareholders started to achieve in the time period of 2013 to 2014. Through this period, we have strived to achieve our goal through assigning wide range of projects in design , procurement, and construction in both EPC and EPD forms by allocating the projects to our professional and reliable manufactures, consultants, and subcontractors. All things considered, the course ahead is by no means smooth but our determination to achieve the main objectives is unwavering and includes the following major aspects: 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