Baku, Azerbaijan, Jan. 11
By Umid Niayesh - Trend:
Iraqi oil minister, Adel Abdul Mahdi is scheduled to visit Iran on Jan. 12 to discuss joint oil fields with Iranian officials.
The sides also will talk on the Islamic Republic's gas exports to Iraq, as well as oil products trade, Iranian Fars news agency reported Jan. 10.
Iran shares oil and gas fields with most of its neighbors, including Iraq, Kuwait, Qatar, as well as Oman and Turkmenistan.
The Islamic Republic shares some 23 joint hydrocarbon fields with Iraq including Yadavaran, Azadegan, Karkheh and Azar oilfields.
Iran has recently allocated $15.2 billon for the development of joint oilfields with neighboring Iraq as part of the Islamic Republic's plans to increase its oil output.
The plan for the development of joint oilfields in the western part of Iran's southwestern region of Karoun is aimed at bringing about an added production capacity of 550,000 barrels of crude oil per day.
Earlier Tehran and Baghdad agreed to jointly explore and develop oil and gas fields lying along the common borders.
Under the agreement which came during Iranian ex-President Mahmoud Ahmadinejad's 2013 visit to Iraq, the two countries agreed to establish joint ventures to carry out the exploration and development of joint oil and gas fields. However the agreement remains in paper so far.
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