Iran Approves Integrated Plan for Developing Joint Oilfield with Iraq
- December, 29, 2014 - 18:15
- Economy news
TEHRAN (Tasnim) – Iran's oil ministry verified an integrated plan for developing joint oilfields with neighboring Iraq as part of plans to increase its oil output.
The plan for the integrated development of joint oilfields on west of Karoun River is aimed at producing 550 thousand barrels of crude oil per day, and is due to be operational in four years with an investment of $15.2 billion.
The Iranian Oil Minister Bijan Zanganeh described the plan as one of the biggest development projects of the country's Oil Ministry, reiterating that the project aims to increase Iran's oil output.
Iranian First Vice-President Eshaq Jahangiri also described the plan as one of the most important decisions made by the government with regard to the development of joint oilfields.
Jahangiri further expressed the hope that the implementation of the project would bring about evolution in South Pars project as well as other joint oilfields.
Based on studies, there are 23 joint hydrocarbon fields between Iran and Iraq which are divided into exploration, development and production categories.
Iran'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.