TEHRAN – 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 200,000 barrels per day to 4 million barrels per day, and its daily natural gas output is forecast to increase by about 100 million cubic meters per day to 400 million cubic meters per day.
By holding 157 billion barrels of recoverable crude oil reserves, Iran possesses the world’s fourth largest reserves of crude oil.