Reuters reported that Iran has proposed to Kuwait that the 2 OPEC countries together develop the disputed Arash natural gas field in the Gulf.

Mr Mahmoud Zirakchianzadeh head of the state Offshore Oil Company said that Iran has proposed that development, investment, production and management be done on a joint basis by the parties involved. He said that Kuwait was expected to accept Iran’s idea of joint development of the field.

Mr Zirakchianzadeh said that the Iran Offshore Oil Company has raised the proposal of 'partnership instead of competition for the development of this as well as other joint hydrocarbon fields.

Meanwhile, Kuwait and Iran dispute the ownership of Arash, but Iranian state media last November said that the 2 countries called for cooperation in connection to the resolution of the continental shelf issue.

(Sourced from Reuters)