Iran, Iraq to Start Joint Venture in Azadegan Oil Field

(FNA)- Iraqi Ambassador to Iran Rajeh Saber Aboud al-Moussavi announced Tehran and Baghdad's decision for joint investment in Azadegan Oilfield.

"Some negotiations have been held by the two countries' oil industry officials on the joint oil field," Moussavi told FNA on Tuesday.

"A joint measure is due to be taken in this field by Iran and Iraq and therefore, joint investment will be made in the oil field," he added.

Noting that negotiations are still being held on Azadegan oil field, Moussavi said that good news will be announced in this regard soon.

Azadegan oil field as one of the largest oil fields in Iran and in the world was discovered in 1999. Located 100 kilometers west of Ahvaz city, south of Iran, the oil field's reserves stand at 33 billion barrels.

The field is already producing 50,000 b/d of oil.

The operator of the oil field development project, Karamat Behbahani, announced earlier this month that the project of North Azadegan is 93% complete and some units of phase 1 of the project have come on-stream.

He said the pre-startup operations in phase 1 of the project were complete on several units and two trains of the phase had become operational. 

The filed is being developed for production of 75,000 b/d of crude oil, he said. 

The development project of the field is expected to produce 150,000b/d of crude oil once fully operational. 

Petroleum Engineering and Development Company (PEDEC) is conducting studies for the second phase development of the field.

The Chinese company developing the field has accelerated its work after receiving a warning from Iran's Petroleum Ministry to improve its work.