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Iran reserves $15.2 billion for joint oilfields

  • Iran has reserved $15.2 billion for the expansion of joint oilfields with neighboring Iraq, according to media reports. It is a part of the Iranian strategy to boost its output and the development plan will come into effect over the span of four years.

    The scheme for developing joint oilfields in the Karoun region of Iran is intended to bring about an additional volume of 550,000 barrels of crude oil every day.

    Bijan Namdar Zanganeh, the Iranian oil minister has called the project as one of the biggest development plans of his ministry meant to enhance the nation's output of oil.

     

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