BAKU, Azerbaijan, June 22. Iran is ready to cooperate with Iraq in various fields, including the study of the geological condition of oil and gas fields, oil and gas reservoirs, as well as excavations and discoveries in the oil and gas sector, Iranian Deputy Oil Minister and the CEO of the National Iranian Oil Company (NIOC), Mohsen Khojasteh Mehr said, Trend reports citing Shana News Agency.
He made the remark at a meeting of the joint working group on oil cooperation between Iran and Iraq on June 22.
The deputy minister stressed that Iran has 400 oil and gas reservoirs, some of which are located on the border with Iraq. This creates favorable conditions for comprehensive cooperation between the two countries in this area.
Khojasteh Mehr added that Iran and Iraq can take joint steps in science, technology, as in oil, gas and other energy fields.
“Iran's current crude oil production capacity is about 4 million barrels per day, while gas production capacity is 1 billion cubic meters per day. Iran needs $90 billion to increase oil production capacity to 6 million barrels per day, and $70 billion to increase gas production capacity to 1.5 billion cubic meters per day over the next eight years,” he noted.
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