(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 27. 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, trend 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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