Iran not behind Iraq in tapping joint oilfields

TEHRAN, Dec. 11 (MNA) –Iran is by no means lagging Iraq in developing joint oilfields, the managing director of the National Iranian Central Oilfields Company stated. Mehdi Fakour added that currently eight drilling rigs are in operation in joint oilfields with Iraq and the output is satisfactory. Iran produces some 68,000 barrels per day of crude oil in four oilfields associated with Iraq (Naftshahr, Paydar Gharb, Dehloran and Aban), the report added. Iran's Oil Minister Rostam Qasemi said in August that the Iranian government should consider plans for the development of joint oilfields in the border areas with Iraq. The government should increase the budgets for the development of joint oilfields, Qasemi added. "The oil industry's infrastructure needs more than 500 trillion rials (about 50 billion U.S. dollars) of investment to achieve Iran's 20-year economic perspective plan goals," Qasemi said. “By the end of the fifth development plan (2015), the country’s oil production must increase to 5.2 million barrels per day (bpd) and this should happen from the country’s joint fields,” Qasemi said.