Iran’s income from joint oilfields with Iraq significant – official

Business Materials 10 June 2018 12:43 (UTC +04:00)

Tehran, Iran, June 10

By Kamyar Eghbalnejad - Trend:

Iran’s annual income from its joint fields with Iraq on West of Karoun River stands at $5 billion, said Ali Kardor, managing director of the National Iranian Oil Company (NIOC), according to the website of the Iranian Oil Ministry June 10.

“In the past 2 years, the output of joint oil fields (with Iraq) on West of Karoun River has brought in $5 billion annually for the country,” Kardor noted.

Iran’s oil production in West Karoun’s oil field in the south was 60,000 barrels per day (bpd) in the early days of President Hassan Rouhani’s administration (summer of 2013), he said.

But that amount has now risen to 300,000 bpd after nearly four years, Kardor added.

Iran shares a spate of oil and gas reservoirs with neighboring countries, including several oil deposits with Iraq that shares over 1,400 kilometers of border with Iran to the west.

The oil fields in West Karoun are Yadavaran, North Azadegan, South Azadegan, North Yaran, and South Yaran. The biggest among all are South Azadegan and Yadavaran which are shared with Iraq’s Majnoon and Sinbad fields, respectively.

Azadegan is located in the West Karoun oil block that holds around 67 billion barrels of crude.