The National Iranian Oil Company (NIOC) awarded the development contract for Azar Oilfield to a consortium comprising Ahdaf Investment Companies and OIEC under a buy-back agreement, with the contract becoming effective in April 2012. The consortium established Sarvak Azar Engineering and Development Company (SAED) in 2012 to execute the project. The company was created to undertake operations related to developing the most complex oil field in the Middle East, shared with Iraq. Another key objective was to create a capable entity for implementing similar projects in the future.
Following the shareholders’ decision to focus on establishing a leading oil and gas field development company in the region, SAED's organizational structure was shifted to a project-oriented model, with team members assigned full-time to the project manager. The main goal was to produce 30,000 barrels of oil per day initially, increasing to 65,000 barrels per day in the final stage, through drilling 20 wells and constructing all surface facilities for oil export. Oil exports from Azar Oilfield commenced in 2016, and contractual commitments for early production were met from the beginning of 2017. The final production test was successfully completed on January 4, 2019, achieving a daily oil production of 65,000 barrels.
Building on its success in developing the most complex field in the Middle East, SAED’s shareholders decided to shift the company's strategy, leveraging ten years of experience gained during development and operation of Azar Oilfield. After passing the necessary assessments, SAED joined the ranks of companies with exploration and production (E&P) capabilities. Future plans now include expanding its focus to the development of additional hydrocarbon fields.