News ID: 216649
Published: 0143 GMT June 13, 2018

Iran's revenues from joint oilfields with Iraq significant

Iran's revenues from joint oilfields with Iraq significant

Iran's annual income from the joint fields with Iraq on the west of Karoun River stands at $5 billion, said the managing director of National Iranian Oil Company (NIOC).

According to Shana, Ali Kardor further said, "In the past two years, the output of the joint oilfields (with Iraq) on the west of Karoun River has brought in $5 billion annually for the country's coffers."

Iran's oil production in West Karoun oilfield in the south of the country was 60,000 barrels per day (bpd) in the early days of Hassan Rouhani's presidency (summer of 2013), he said.

However, that amount has now increased to 300,000 bpd after nearly four years, Kardor added.

Iran has a spate of joint oil and gas reserves with neighboring countries, including several oil deposits with Iraq that shares over 1,400 kilometers of border with Iran to the west.

Oilfields in West Karoun are Yadavaran, North Azadegan, South Azadegan, North Yaran, and South Yaran. The largest among all are South Azadegan and Yadavaran which are shared with Iraq's Majnoon and Sinbad fields, respectively.

Azadegan is located in the West Karoun oil block that holds around 67 billion barrels of crude.

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