Iraq reaches agreement with Syria and Jordan on joint hydrocarbon development

Oil&Gas Materials 23 May 2012 15:16 (UTC +04:00)

Azerbaijan, Baku, May 23 /Trend A.Taghiyeva/

Iraq has reached an agreement with Syria and Jordan to establish a commission to explore and develop the fields located in the border areas, spokesman for the Iraqi Oil Ministry Asym Jihad told Trend.

"These deposits contain large amounts of oil and gas. It is expected to discover stocks at the joint Jordanian Risha field," Jihad said.

He noted that the fourth round of issuing licenses for exploration also covers the issue of licenses for the development of cross-border deposits.

The tender will be held on May 30 - 31 of this year with the participation of 47 international companies from various countries around the world.

According to BP, the proven oil reserves of Iraq amounted to 115 billion barrels at the beginning of 2011 which places the country in third place in OPEC after Saudi Arabia and Iran.

The main oil fields of Iraq are located in the south. They are Rumaila, Zubair, Nahr Umr, Majnun and West Qurna. Some 80 per cent of oil produced in Iraq is exported.

According to BP, the proven gas reserves in Iraq amounted to 3.17 trillion cubic meters at the beginning of 2011.