Iran to spend $50 billion on joint oil, gas fields

Business Materials 28 June 2012 15:01 (UTC +04:00)

Azerbaijan, Baku, June 28/Trend M. Moezzi

Iran will spend $50 billion (USD) to develop its joint oil and gas fields this year. Last year, $27 billion was allocated to developing joint oil and gas fields.

Minister of Oil Rostam Ghasemi said 12 new contracts have been signed this year (Iran's solar year ends on March 20) to develop the oil and gas fields Iran shares with its neighbours, Fars news agency reports.

Mr. Ghasemi announced 20 drilling platforms have started work in the Azadegan field which Iran shares with Iraq.

Iran shares oil and gas fields with Iraq, Kuwait, Saudi Arabia, Qatar, Oman and Turkmenistan.