Iran approves joint field development budget

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Iran’s cabinet today approved issuing government-guaranteed bank bonds worth IR 100,000bn for the development of oil and gas fields jointly-owned with neighbouring countries, Fars Newsagency has reported.

The decision was made by ministers during the session on reviewing general terms of the government’s budget for the year starting 21 March 2016.

Fars Newsagency reported that Iran’s parliament has authorised the use of the National Development Fund for the development of the jointly-owned fields including in the offshore South Pars gas reservoir. This is known as the North Field in Qatar. It covers an area of 9,700 square kilometres. Iran says that 3,700 square kilometres of it, containing 14 trillion cubic metres of gas, belongs to the Islamic Republic.

Iran also has shared oil and gas fields with Bahrain, Iraq, Kuwait, Saudi Arabia, Turkmenistan and the UAE.