Iran Inks $200m Deal to Develop Joint Oilfield with Iraq

Iran’s Petroleum Engineering and Development Company (PEDEC) has reportedly signed a $200 million deal with domestic company Dana Energy to develop the Changooleh oilfield on the Iraqi border.

Naji Sadouni, the managing director of the Iranian company told Mehr news agency that the deal aims to produce 15,000 barrels per day of crude oil in the first phase.

The oilfield holds almost 3.4 billion barrels of in-situ reserve. Sadouni said that the development plan has envisaged boosting the output to 65,000 barrels per day in the future, Fars news agency reported.

(Source: Tehran Times)

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