Volume of Iran-Iraq joint oil fields reserves increases

Oil&Gas Materials 23 July 2011 13:52 (UTC +04:00)

Azerbaijan, Baku, July 23 /Trend/

The volume of Iranian-Iraqi joint oil fields reserves have increased up to more than 59 billion barrels of oil, Mehr New s Agency reported quoting the National Iran Oil Company's new studies.

"The new studies on new exploitation wells and production data in joint oil fields with Iraq point to the increase of hydrocarbon reserves," the studies stated.

The statistics indicates that Iran produces 130,000 barrels of oil per day (bpd) . At present, I raq produces 295,000 bpd which would be tripled by completing the joint oil fields development plan. It is predicted that Iraq increases oil production from 2.5 million barrels up to 12 million barrels of oil per day.

The Iranian Oil Ministry's official reports show that the current volume of joint oil fields reserves with Iraq is 59 billion barrels of oil . T wo countries plan to increase the production.

Iran and Iraq share 12 joint oil fields in the Middle East . At present, South Azadeghan, Azar, Yadavaran,Naft Shahrand Dehloran oil field s are Iran's main joint oil fields with Iraq.