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Iran to develop joint oilfields

Iran plans to develop its joint oil and gas fields with neighboring countries even without foreign investment, says a senior Iranian energy official.

“We will not sit idly in protracted negotiations with foreign companies,” said Deputy Oil Minister Mohsen Khojastehmehr on Saturday, Jam-e Jam daily reported.

Khojastehmehr said Iran has finalized a plan for the speedy development of the joint oil and gas fields, adding that Iran will start drilling at Azar field — with a proven 2 billion barrels of oil reserves — near the Iraqi border.

Earlier this year, an Iranian oil official announced plans to explore new reserves of 500 million barrels of oil and 5 trillion cubic feet of gas per year in a five year plan.

National Iranian Oil Company (NIOC) director of exploration Mahmoud Mohaddes said that Iran has discovered 19 new oilfields and eight new gas reserves during its fourth five-year development plan (2005-2010).

Iran is OPEC’s second-largest oil producer after Saudi Arabia. The Persian Gulf country sits on the world’s second-largest gas reserves after Russia.

In 2009, Iran’s crude production stood approximately at 3.8 million barrels per day.

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