Thursday, 26 June 2014

Iran: Boosting output at joint fields

Iran is planning to boost output at oil fields shared with neighbouring countries. An Iranian lawmaker said on 4 June that the Ministry of Petroleum has terminated contracts to develop domestic oil fields as part of a major plan to prioritise investment in joint fields.

Seyed Saeed Heidari, a member of the Majles Energy Commission, said Minister of Petroleum Bijan Namdar Zanganeh had issued an order to stop the development of domestic oil fields except for those that have already reached production and indicated that the Ministry will pay compensation for rescinded contracts.

‘Our neighbouring countries are extracting more than Iran in many shared oil and gas fields,’ Heidari explained. ‘We are markedly lagging behind.’

For more news and expert analysis about Iran, please see Iran Strategic Focus.

© 2014 Menas Associates

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