Regal Group International: Iran and Iraq near deal to exploit common oilfields on their border.

Nov. 3, 2010 - PRLog -- Regal Group International has learned from recent reports that Iran and Iraq are near to finding common ground on the exploitation of the oilfields straddling their shared border.

Mehdi Fakour, the managing director of the National Iranian Central Oil Co, recently told the Oil Ministry’ Petroenergy Information Network  that the two nations were nearing an agreement regarding the border oil fields.

“NICOC intends to conclude a contract with the Iraqi side so that it meets the interests of both countries and the two sides are able to pursue their common issues,” Regal Group International believes he  told the ministry.

According to a mid-year statement from Iranian energy officials as much as 35% of the federal energy development budget would be used to develop the joint oil fields.

Iran has cross-border fields with most of its neighbors in the Persian Gulf  including Turkmenistan.

Energy officials in Tehran said in July that as much as 35 percent of a federal energy development budget will go toward the development of joint oil fields.

In December last year Iranian troops accompanied engineers to take control of well No. 4 at the Fakkah oil field in Mysan province but eventually pulled back to close to their original location, Regal Group International was told.

The border between the two nations has remained unstable and disputed since the Iran-Iraq war in the 1980’s.

According to Iranian officials both sides have agreed to set up a joint committee to address border disputes and demarcation.

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