Iran and Iraq will restart a new batch of talks on developing oil fields which straddle the territories of both countries, according to reports in the Tehran Times.
From 26 May, talks in Tehran will begin with a view to developing the Sohrab joint oilfield and establishing a joint oil company, Iran’s Mehr News Agency reports.
The talks follow a previous report in January that the two countries had reached an agreement in principle to jointly develop fields.
The managing director of the National Iranian Central Oilfields Company, Mehdi Fakour, said that eight drilling rigs are currently in operation in oilfields that are shared with Iraq, and that the output is “satisfactory”.
Iran says it produces 68,000 barrels per day of crude oil from four oilfields associated with Iraq: Naftshahr, Paydar Gharb, Dehloran and Aban.
Iran has been making a public show of developing and discovering new oil and gas assets since fresh sanctions aimed at the oil industry were announced by Washington and Brussels. The country had – even before the latest sanctions were announced – struggled to prevent a decline in crude production.
