Baku, Azerbaijan, Apr.16
By Fatih Karimov - Trend:
The Iranian oil ministry plans to extract one million barrels of crude per day from joint oilfields with Iraq.
Aliresa Asadi, the oil ministry official for economic and financial affairs, said that over $20 billion will be invested to extract one million barrels per day crude oil from joint oilfields with Iraq, Iran's IRNA news agency reported on April 16.
The oil ministry has placed the top priority on the development of joint oilfields in the current Iranian year, which began on March 21, he added.
Iran shares Yadavaran, Azadegan, and Azar oilfields with Iraq. The Islamic Republic has invested over $4.4 billion in its joint fields with Iraq to date.
Developing of joint oil fields which are located at the western side of Karoun River is among Iran's oil ministry's top priorities.
Once all the mentioned oil fields come on stream over one million barrels per day will be added to the country's oil production capacity.
Over $20 billion is needed to be invested in the development projects of Iran's joint oil fields with Iraq.
The joint committee of Iran and Iraq has achieved considerable progress in negotiations over the development projects of the two countries' joint oil fields, Iraq's Oil ministry spokesman Assem Jihad told Iranian Fars News Agency on February 7.
Iran has 15 joint oilfields with its Arab neighbors. The joint oil fields' production accounts for less than 10 percent of Iran's current total oil output.