EghtesadOnline: Negotiations are underway with Iraq to form a joint technical committee to decide on the development of joint oil fields with the Arab neighbor, managing director of Iranian Central Oil Fields Company said.
“The committee will allow the two sides to share technical information on the oilfields and discuss and settle their respective share from each reservoir," Ahmad Rajabi was quoted as saying by ISNA on Sunday.
Dehloran, West Payedar, Naft-Shahr, Ilam, Aban, Dehloran and Azar are reportedly the joint fields in question. "Although domestic firms can develop the fields, Iraqi officials insist on hiring multinationals namely Exxon Mobil and PetroChina," he said adding that the venture needs at least $8 billion in investment.
Iran has signed memorandums of understanding with Wintershall of Germany, Russia's Gazprom and Zarubezhneft, Malaysia's Petronas as well as Austrian oil and gas company OMV to study the joint fields with Iraq, according to Financial Tribune.