Source: Tehran Times
TEHRAN - Iran has approved a comprehensive plan to develop joint oilfields at a cost of $15 billion. Iran has a number of joint fields with Qatar, Saudi Arabia, and Iraq.
The Economy Council of Iran, chaired by First Vice President Es'haq Jahangiri, approved the plan on Monday.
The development plan, which will be implemented over the course of four years, is aimed to produce 550,000 barrels of oil per day from the joint fields.
Oil Minister Bijan Namdar Zanganeh has issued a directive to the Oil Ministry contractors to speed up the development of joint oil and gas fields.
Iran's crude oil output was projected to remain 2.8 million barrels per day in December 2014, unchanged compared to previous months.
The country plans to increase crude oil output to 5.7 million barrels per day by 2018.
Iran, with 157 billion barrels of proven oil reserves, holds the world's fourth-biggest oil deposits, according to the BP Statistical Review of June 2014.
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