Iran to Increase Production from Joint Oilfield

By John Lee.

Tehran Times reports that Iran plans to increase production from the Yadavaran oilfield, which straddles its border with Iraq, from 50,000 barrels per day to 85,000 bpd by September of this year.

Iran began production at the oilfield in March 2012, while Iraq has yet to start.

Iran shares the Yadavaran, Azadegan, and Azar oilfields with Iraq, and is planning to invest over $20 billion (23.3 trillion Iraqi dinars) in their development.

In April 2014, Iran canceled a $2.5 billion deal with state-owned China National Petroleum Corporation (CNPC) following repeated delays at the Yadavaran project.

(Source: Tehran Times)

(Map image via Shutterstock)

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