Iran to develop 27 joint oil fields
Azerbaijan, Baku, Sept. 18 /Trend A. Qurbanova/
Iran to start developing 27 joint fields in current solar year(started on March20,2011), Fars News Agency reported quoting Iran's Oil Ministry Rostam Ghasemi as saying.
" Iran to start serious development in 27 joint fields this year we hope the result will be positive and the financial resources of country's oil industry will be provided by foreign investment , issue of bonds and private sector," he said.
He noted selling oil at oil exchange, foreign investment and issue of bonds can attract required investments to support oil industry.
Iran is to construct oil equipment domestically and private sector and domestic consortiums will support the approach, he added.
Iran has joint oil and gas fields with Qatar, Iraq, and Persian Gulf countries. Iran's Oil Minister Rostam Ghasemi said earlier the ministry's priority is to increase the oil production from the joint fields.
Iran has OPEC's second-highest oil output, and ranks second in the world in terms of natural gas reserves after Russia.
Most of foreign giant oil and gas companies have halted their activities in Iran because of international sanctions imposed by UN Security Council and the West countries against Iran.