Iran to Start Production at Joint Oilfield with Iraq

Iran will begin production at the Yadavaran oilfield, which it shares with Iraq, by the end of the current Iranian calendar year (which ends on March 20), according to ISNA news agency.

The oilfield is estimated to hold around 12 billion barrels of in-situ crude oil, along with 12.5 trillion cubic feet of associated gases, as well as nearly 1.9 billion barrels of condensate.

Iran and the Chinese Sinopec signed a buyback contract in 2007 for development of the oilfield.

The country currently has eight drilling rigs are in operation in oilfields operated jointly with Iraq, and produces 68,000 barrels per day of crude oil in the four oilfields associated with Iraq (Naftshahr, Paydar Gharb, Dehloran and Aban).

(Source: ISNA)

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