Iran, Iraq Agree to Develop Joint Oil Fields

Fars News Agency reports that a senior Iranian oil official has announced that the country has worked out an agreement with Iraq to develop joint oil fields along the countries' shared border.

The Managing Director of the Iranian Central Oil Fields Company (ICOFC) Mehdi Fakour added, "We are waiting for the Iraqis to be prepared for inking the deal."

"The contract is presently on the agenda of the National Iranian Oil Company (NIOC) and its details are being studied," Fakour added.

Speaking in a meeting with directors of the oil and gas companies active in the South Pars region, the Oil Minister Rostam Qassemi said that development of joint oil and gas fields is the first priority of the oil ministry in both land and sea border regions

Earlier this year, Tehran and Baghdad agreed to set up joint expert committees to finalize technical and financial details of a deal over developing joint oil fields.

The two countries have 23 joint oil fields in their border regions.

(Source: Fars News Agency)

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