Baghdad, Feb 5, IRNA – Iraq’s Oil Minister Hussein al-Shahristani announced that Iran-Iraq talks on joint oilfields go ahead well and an oil deal is expected to be signed by the two sides by March 20.
Talking to IRNA Thursday, he added that based on the agreement their joint oilfields will be integrated.
The agreement is to be inked in line with Iraq’ efforts to develop its oilfields and increase oil and gas exports, he noted.
Meanwhile, spokesman for Iraqi Oil Ministry Asem Jahad said that his country intends to develop its oilfields based on a five-year plan and increase its oil export to four million barrels a day from 1,700,000.
The Iraqi oil minister anticipated that his country’s oil exports would reach two million barrels a day by March 20.
He further hoped that following the agreement, it would be able to extract oil from joint oilfields.
Shahristani also said that 30 foreign companies have announced their readiness to participate in Iraqi oil projects.
Iraq’s economy is badly dependent on petrodollars as its budget bill has not yet been approved by the parliament due to fall in oil price.