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Iran eyes 1 mln bpd of oil output in fields shared with Iraq: Minister

Iran is seeking to exponentially increase output from oilfields shared with Iraq, says the country’s oil minister, as the Arab country goes on with massive development plans in a field located near the Iranian border.

Bijan Namdar Zanganeh said on Saturday that production at the so-called West Karoun oilfields would reach one million barrels per day (bpd) if Iran secures the expertise and funds needed for the development of the fields.

“The total oil production in west of Karoun should be increased to 1 mln bpd, however, it needs both technology and financial resources,” Zanganeh told reporters.

The minister said current output from West Karoun oilfields showed a five-fold increase compared to 2013 when the current administrative government led by President Hassan Rouhani came to office for a first term.

He did not elaborate on production figures at the fields, which he said were being developed using resources from Iran’s sovereign wealth fund.

Zanganeh’s previous statements on the joint oilfields suggested that current output could be about 300,000 bpd.

Iran to boost output in oilfields shared with Iraq by nearly 60,000 bpd till March

Iran to boost output in oilfields shared with Iraq by nearly 60,000 bpd till MarchIran says production in oilfields shared with Iraq would surge by nearly 60,000 bpd until March.

Iran has kept developing its sprawling oil and gas fields despite facing a harsh regime of American sanctions which seeks to cut to zero the country’s direct sale of crude and other energy products.

Authorities said in October that oil production at four oilfields shared with Iraq, namely Yadavaran, Azar, Aban and Paydar Gharb, would increase by nearly 60,000 bpd until March 2020 when the current Iranian calendar year comes to an end.

Companies from Iran, Russia and China have been contracted for development of the various parts of the joint oilfields.

Those efforts come as Iraq is seeking to double its output from Majnoon oilfield, which is linked to Azadegan, to nearly half a million bpd in 2021.

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