By John Lee.
Iran have announced that drilling will begin next year at the Azar oil field, which is known as Badra on the Iraqi side of the border. On the Iraqi side, Badra is operated by Gazprom Neft.
Saying that initial activity should yield some 30,000 bpd with a later target of 65,000 bpd, the work will be done by an Iranian consortium after a deal with CNPC fell through and the Iranians accused the Chinese company of "dragging their feet."
On both sides of the border the shared oil field has some 400 million barrels of recoverable reserves. It is one of 3 oil fields that straddle the border and are jointly shared by the two countries, the others being Yadavaran and Azadegan.