Iran is planning to produce more than 1.1 million barrels of crude oil from its shared oilfields by 2015, deputy oil minister Mohsen Khojaste Mehr said here on Tuesday.
According to the Fifth Five-Year Development Plan (2010-2015), Iran would invest 75 billion dollars for developing 19 joint oil and gas fields aiming to double production in the fields.
Currently, Iran has 19 onshore and offshore joint oil and gas fields with neighboring countries, eight shared with Iraq, one with Turkmenistan and ten with the Persian Gulf countries, namely Saudi Arabia, UAE, Oman, Kuwait and Qatar.
Gas production in the joint gas fields is some 250 million cubic meters per day and oil production in the joint oil fields is estimated at about 292 thousands barrels per day.
Development of the untapped phases of the South Pars gas field is the primary goal of Iran’s oil industry based on the Fifth Five-Year Development Plan, which necessitates some 50 billion dollars investments.