Iran OKs 15 billion USD for joint oilfields with Iraq

Dec 30, 2014 12:00 AM

Iran has allocated 15.2 billion U.S. dollars for the development of joint oilfields with neighboring Iraq, as part of Tehran's plans to increase its oil outputs, local media reported.

The plan for the development of of joint oilfields in the western part of Iran's southwestern region of Karoun aims at producing 550,000 barrels of crude oil per day.

Iran approved the development plan and will implement it over the course of four years.

Iranian Oil Minister Namdar Zanganeh has described the project as one of the largest development plans of his ministry, saying it would boost Iran's oil outputs.

Besides 23 joint hydrocarbon fields between Iraq, Iran also has also a number of joint fields with Qatar and Saudi Arabia.

Iran's total in-place oil reserves have been estimated at more than 560 billion barrels, with about 140 billion barrels of recoverable oil. Heavy and extra heavy varieties of crude oil acount for roughly 70 to 100 billion barrels of its total reserves.

The country plans to increase its crude oil output to 5.7 million barrels per day by 2018.

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