Iran and Iraq inked two memorandums of understanding here on Wednesday to promote cooperation for tapping joint oil fields and expand ties in the field of energy.
National Iranian Oil Company's Managing Director Seyfollah Jashnsaz and Iraqi Deputy Oil Minister Abdul Karim Lu'aibi signed the MoUs, the Mehr News Agency reported.
Lu'aibi, heading a delegation, entered Tehran on Monday to discuss energy ties with Iranian officials, particularly in the fields of conducting joint exploration and development projects.
"The two sides will exchange panels of expert to establish the framework for cooperation," Jashnsaz said.
"As per the signed memorandums of understanding, Iran will offer Iraq with exploration and drilling, as well as seismological services and provide technical knowledge for the maintenance and operational issues," he added.
Iraq is planning to develop 85 oil and gas fields by the next ten years and seeks Iran's cooperation and expertise in this respect, Lu'aibi said earlier on Monday.
According to the Iraqi government its oil reserves rank fourth largest in the world with approximately 115 billion barrels.
As a result of war and civil unrest, these statistics have not been revised since 2001 and are largely based on 2-D seismic data from three decades ago. International geologists and consultants have estimated that unexplored territory may contain an estimated additional 45 to 100 billion barrels of recoverable oil.
In 2006, Iraq's oil production averaged 2.0 million barrels per day, down from around 2.6 million barrels per day of production prior to the coalition invasion in 2003. Iraq's reserve to production ratio is 158 years