Iran aims to develop all shared oil and gas fields

Oil&Gas Materials 9 February 2011 14:35 (UTC +04:00)

Azerbaijan, Baku, Feb. 9 / Trend, A.Yusifzade /

Iran's minister of petroleum reported of development of all shared oil and gas fields up to the end of the Fifth Five Year Development Plan in 2015 Shana reported.

Talking to reporters on the sidelines of the Darkhovain oil field second phase's inauguration ceremony on Tuesday, Seyed Masoud Mirkazemi noted that the late production of the South Pars gas field would not be repeated.

Stating that Iran and Iraq have many shared oil fields, Mirkazemi added: we have held talks with Iraqi side several times and are interested to develop the shared reservoirs with our neighbor through establishing a joint venture.

According to the minister of petroleum, joint development of the shared fields in the form of a contract is the best option for their development.

Referring to more than one billion dollars investment in development of Darkhovain oil field, the official said oil production form the field would increase to 250 thousand barrels per day by concluding a contract to develop its third phase.

Noting that the oil industry needs at least $ 210 billion to implement upstream and downstream projects during the Fifth Five Year Development Plan, Mirkazemi noted that the projects in West of Karoun, where Darkhovain and some other southern oil fields are located, would absorb part of the investments.

On development of the third phase of Darkhovain oil field, Mirkazemi pointed out that several oil companies had expressed their readiness and talks were underway.