Iran, Iraq continue talks on joint fields
Iran-Iraq technical committee held its 3rd meeting on Tuesday.
The National Iranian Oil Company's Managing Director Seifollah Jashnsaz and the Iraqi deputy oil minister discussed energy ties during the meeting, the SHANA News Agency reported.
Developing joint oil and gas fields was the top priority of the negotiations.
In July, Iran and Iraq signed two memorandums of understanding regarding the management of joint oil fields and bilateral energy issues following three days of talks. The memorandums dealt with the training of personnel in the energy sector as well as drilling service operations and research and development.
Several oil fields straddle the Iranian border with Iraq. Iraq is keen on moving toward recovery in its national energy sector as it emerges from years of conflict following the U.S.-led invasion of 2003. Iran, for its part, has pushed to develop its own resources in spite of global economic sanctions.
Iran is the world's fourth-largest oil producer and is OPEC's second-largest producer after Saudi Arabia. As of 2006 it was producing an estimated 3.8 million barrels per day of crude oil, equal to 5% of global production.
Oil reserves in Iraq could be the largest in the world according to recent geological surveys and seismic data. The Iraqi government has stated that new exploration showed Iraq has the world's largest proven oil reserves, with as much as 350 billion barrels.