Iran to Fully Tap Its Share in Joint Oilfields with Iraq
- October, 10, 2014 - 16:08
- Economy news
TEHRAN (Tasnim) – Iran’s oil minister on Thursday said the country will develop all its share in the joint oilfields with Iraq.
Speaking during a visit to Cheshme Khosh Oil Company in Dehloran, Ilam province, near the border with Iraq, Bijan Namdar Zanganeh said Iran is actively working in all the oil fields it shares with Iraq and will extract its entire share of oil in these joint fields.
Iran shares oil and gas fields with most of its neighbors, including Iraq, Kuwait, Qatar as well as Oman and Turkmenistan.
Based on studies, there are 23 joint hydrocarbon fields between Iran and Iraq which are divided into exploration, development and production categories.
The country's total in-place oil reserves have been estimated at more than 560 billion barrels, with about 140 billion barrels of extractable oil. Moreover, heavy and extra heavy varieties of crude oil account for roughly 70-100 billion barrels of the total reserves.
Namdar Zanganeh further said that the project for developing the Cheshme Khosh Oilfield be operational in three years.
He added that a large petrochemical complex is also planned to be constructed in Dehloran.