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Iran starts developing Iran-Iraq Sohrab joint oil field, NIOC CEO says

Baku. TurkicWorld:

Iran has started developing the Iran-Iraq Sohrab joint oil field (called Huwaiza in Iraq), Iranian Deputy Oil Minister and the CEO of the National Iranian Oil Company (NIOC), Mohsen Khojasteh Mehr told reporters on May 8, TurkicWorld reports citing ILNA.

The CEO said that overall, $800 million is planned to be spent on the development of the field.

Sohrab oil field (called Huwaiza in Iraq) is a joint oil field between Iran and Iraq. By developing this field, Iran intends to extract 30,000 barrels of crude oil per day and a total of 160 million barrels of crude oil within 20 years.

Taking into account the price of each barrel of crude oil at $50, Iran plans to earn a total of $8 billion in revenue from this field within 20 years. On February 6, 2023, a contract on the development of the Sohrab oil field was signed between the National Iranian Oil Company (NIOC) and Iran's Dana Energy Company.

Meanwhile, Khojasteh Mehr also briefly spoke on the development of the Arash (Dorra) gas field.

"It is expected that relations between Iran and Saudi Arabia will be fully normalized in the near future. After that, it can be possible to start discussions about the mentioned gas field," Khojasteh Mehr said.

In 2022 Kuwait signed a document with Saudi Arabia to develop the field, which is expected to produce 1 billion standard cubic feet per day of gas and 84,000 barrels per day of condensates. Iran said that the signed document was "illegal" since Tehran also has a share in the field and must be included in any action to operate and develop the field.

The gas field is located in the Persian Gulf. The field reportedly contains 20 trillion cubic feet (about 600 billion cubic meters) of gas and about 310 million barrels of oil.

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