MNA reported that Iran began early production at the Yadavaran oilfield, which is associated with Iraq.

Mr Naji Sadouni MD of Petroleum Engineering and Development Company said that 9 wells have been drilled in the oilfield one of which has been put into operation. Production of oil from first well of the Yadavaran oilfield began.”

Mr Sadouni said that the field is projected to produce 30,000 barrels of crude per day. The oilfield is estimated to hold around 12 billion barrels of in situ crude oil, some 12.5 trillion cubic feet of associated gases as well as nearly 1.9 billion barrels of condensates.

Mr Rostam Qasemi oil minister of Iran said recently that the government should draw up plans for the development of joint oilfields in the border areas with Iraq. The government should increase the budget for the development of joint oilfields.

He said that the oil industry needs more than IRR 500 trillion of investment to achieve objectives of the 20 Year Economic Outlook Plan. By the end of the fifth development plan (2015), the country's oil production must increase to 5.2 million barrels per day and this should happen from the country's joint fields.

(Sourced from Mehr News Agency)