Iran, Iraq sign joint oil field development contract: Official
CEO of the National Iranian Oil Company announced that Iran and Iraq have signed a contract for developing the 'Sohrab' joint oil field.
Mohsen Khojasteh-Mehr said the contract for developing the 'Sohrab' joint oil field with Iraq in Khuzestan Province was signed to produce 30,000 barrels per day and also to invest about $ 840 million.
'Sohrab' joint oil field is located northwest of Ahvaz city and along the Iran-Iraq border and is shared with Hoveyzeh oil field in Iraq.
The contract for developing and operation of the 'Sohrab' joint oil field worth $ 800 million was signed between the CEO of the National Iranian Oil Company Mohsen Khojasteh-Mehr and the CEO of the Dana Energy Company Mohammad Iravani on February 6, 2022, in the presence of the President Raisi and Oil Minister Javad Owji at the IRIB International Conference Center.
According to this agreement, the National Iranian Oil Company entrusted the financing, development, and operation of the 'Sohrab' joint oil field to Dana Energy Company in the form of a new model of oil contracts; the contract was signed with the aim of cumulatively producing 160 million barrels of crude oil from the 'Sohrab' joint oil field.
END