Historic irony? Iran to splash $20 billion on joint oil fields with Iraq
Iran will invest over $20 billion in development of the oil fields it shares with Iraq, IRNA reported on Wednesday.
Iran’s Oil Ministry is planning to increase oil extraction from joint oilfields with Iraq by one million barrels per day (bpd) in the current Iranian calendar year, which started on March 21, 2014.
Iran shares oil and gas fields with most of its neighbors, including Iraq, Kuwait, Qatar, as well as Oman and Turkmenistan.
Iran shares Yadavaran, Azadegan, and Azar oilfields with Iraq.
Based on studies, there are 23 joint hydrocarbon fields between Iran and Iraq which are divided into exploration, development and production categories.
On April 6, Iranian Oil Minister Bijan Namdar Zanganeh said Iran’s crude oil output is forecast to increase by about...
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