Iran, Iraq to jointly extract oil from shared fields

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News ID: 1694
Iran » Iran
Publish Date: 13:43 - 20 July 2013
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Tehran, YJC. Officials say Iran and Iraq will launch a joint company to extract shared oil.

The Spokesman of the Oil Ministry Alireza Nikzad Rahbar said in an interview with Fars news agency that a number of agreements are going to be made before Iran and Iraq would launch a joint company for extracting oil from shared fields.

"The negotiations are in the initial phases yet and during the Minister’s visit to Iraq the general policies have been discussed,” he added.

Iran and Iraq have formed a committee which will take on the responsibility to extract the shared oil. The head of the Iranian committee is the Deputy Oil Minister Alireza Zeiqami. On the other side also one of the Iraqi Deputy Oil Ministers will head the Iraqi committee.

Zeiqami said "As was agreed by the two ministers, from each of the 3 groups of fields, that is, operational fields, fields under development, and discovered fields, one field has been chosen to be technically studied so that grounds could be laid for expanding, operationalizing, and conducting research on them.

He stated that this is the first time when Iran is jointly tapping a shared field, hoping that this would be an example for more similar agreements.

He added that while separately extracting oil from shared fields comes with detriments for both sides, the operations carried out jointly will end as a win-win deal.

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