Iran, Iraq to develop joint oil fields

Iran and Iraq are set to hold a new round of talks focusing on the development of a joint oilfield as well as the establishment of a joint oil company, a report says. According to the Mehr news agency, energy officials from the two countries will discuss the issues in the Iranian capital, Tehran, on May 26.
Tehran and Baghdad are scheduled to form a joint 6-member technical committee to conduct related studies and monitor the implementation of joint plans, the report added.
Currently, the oil officials of the two neighboring countries have agreed to develop the Sohrab oilfield in Iran’s southwestern province of Khuzestan, said the report, adding that Iranian contractors will develop the joint field under a proposal by Iraq.
On January 9 last year, Iran and Iraq announced that that they had reached an agreement to develop joint oilfields on border areas to increase their crude output.
The two countries have 23 joint oilfields in the border regions. Energy officials in Tehran said in July 2011 that as much as 35 percent of the country’s energy development budget will go to the development of joint oil and gas fields.
In the Iranian current year budget the oil ministry is obliged to invest some $ 8 billion in the joint gas and oil fields with neighboring countries.

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