Baku, Azerbaijan, Feb. 24
By Khalid Kazimov - Trend:
The Iranian parliament has allowed $4.8 billion of the country's Development Fund to be spent in developing joint oil and gas fieldsю
The decision was made by MPs as they are making decisions on the government's proposed national budget bill for the next Iranian fiscal year (starting Mar. 21), ISNA news agency reported Feb. 24.
National Iranian Drilling Company (NIDC) drilled over 315,350 meters of oil and gas wells by its drilling fleet during the first ten months of current Iranian fiscal year (March 21, 2014-Jan 21).
Currently around 30 percent of the company's capacity has been used in the joint fields.
Iranian Oil Minister Bijan Namdar Zanganeh has previously said that the development of joint oil and gas fields is a national task.
Iran has a number of joint fields with Qatar, Saudi Arabia, and Iraq.
By holding 157 billion barrels of recoverable crude oil reserves, Iran possesses the world's fourth largest reserves of crude oil.
The Islamic Republic also holds 33.6 trillion cubic meters of proven gas reserves, sharing 18 percent of total global gas reserves, which puts the country in the top of the world's gas holders list.
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