Iran plans to extract 85,000 barrels per day of oil from Yadavaran oilfield which straddles a border with Iraq.
Iran is currently extracting 50,000 bpd of oil from the field and is planning to boost the volume to 85,000 bpd by September 2015, Yadavaran oilfield development project manager Hadi Nazarpour stated.
Iran started the early production from the Yadavaran oilfield in March 2012, he added.
This is while Iraq has not yet started production from the oilfield, he noted.
In April 2014, Iran canceled a $2.5 billion deal with state-owned China National Petroleum Corp. following repeated delays at the Yadavaran oilfield project.
Iran will invest over $20 billion in development of the oilfields it shares with Iraq.
Iran’s Oil Ministry is planning to increase oil extraction from joint oilfields with Iraq by one million barrels per day (bpd) in the current Iranian calendar year, which started on March 21, 2014.
Iran shares oil and gas fields with most of its neighbors, including Iraq, Kuwait, Qatar, as well as Oman and Turkmenistan.
Iran shares Yadavaran, Azadegan, and Azar oilfields with Iraq.