Tehran, Iran, Feb. 26
By Mehdi Sepahvand – Trend:
The Iranian Ministry of Petroleum has been authorized to issue bonds to finance the development of oil and gas fields Iran shares with other countries.
Iranian lawmakers have allowed the ministry to issue bonds worth 50 trillion rials ($1.5 billion), IRNA news agency reported.
Iran shares many oil and gas fields with its neighbors. South Pars, known as the North Dome in the Qatari side, is the world’s largest gas field shared by Iran and Qatar in the Persian Gulf. The field holds an estimated 40 trillion cubic meters of natural gas, or roughly eight percent of the world’s reserves and approximately 18 billion barrels of condensate.
West Karun is the name of an oil-rich region in the southern Khuzestan Province that includes several giant oilfields shared by Iraq, including Azadegan, Yaran and Yadavaran, with the first two divided into north and south projects.
Estimates show that Iran’s in-place oil reserves are around 800 billion barrels, with the average rate of recovery from all oilfields at 28 percent.