Iraq eyeing development of joint fields
Iran's media said on Saturday that Iraq has started a new round of talks with Iran and Kuwait over the development of oil wells that are shared between the three countries, Press TV reported.
The Persian-language newspaper Jahan-e San'at has quoted Iraq's Oil Minister Adel Abdel Mehdi as emphasizing that Baghdad is seriously following up the issue of shared reserves with Iran and Kuwait.
Abdel Mehdi has also added that this will be in line with Iraq's policy to expand its crude production capacity.
Iraq shares a total of 24 oil fields with Iran, Kuwait and Syria of which 15 are producing and the rest are yet to be developed.
The country's key shared fields with Kuwait are Safwan and Rumaila, Zubair. It also shares five fields with Iran.
Iraq is currently producing 2.5 million barrels per day of oil and it expects this to rise to as high as 4 million barrels per day once it starts production from shared fields.