Teharn, YJC. The Iranian Oil Ministry has earmarked USD 15.2 billon for the development of joint oil fields with its neighbor Iraq.
The plan comes as part of the Islamic Republic’s plans to increase its oil output, so the country’s officials have said.
It will help the expansion of joint oil fields in the western side of Iran’s southwestern region by the Karoun River. A capacity of 550,000 barrels of crude oil per day will be added to the country’s oil output if the plan is accomplished.
A course of four years is expected to be needed for the development of the plan to the desired point.
Bijan Namdar Zanganeh Iran's Minister of Petroleum has described the project as one of his ministry’s largest development plans, noting that the implementation of the project would boost the country’s oil output greatly.
As studies have indicated, Iran and Iraq share 23 hydrocarbon fields, currently divided over the phases of exploration, development and production.
It is estimated that Iran’s total in-place oil reserves reach more than 560 billion barrels, 140 billion barrels of it as recoverable oil. Heavy and extra heavy varieties of crude oil make up about 70 to 100 billion barrels of the total reserves of the country.