A total of 30 million barrels of oil was produced at joint Yadavaran oilfield since January 2012, making it as the only joint field where Iran's production has exceeded that of the other holder.
Yadavaran is one of the oilfields of the West Karoun oil region, jointly owned between Iran and Iraq, and it comprises two Hosseinieh and Koushk fields. The field, called Sindbad on the Iraqi side, is estimated to have reserves of up to 17 billion barrels of oil, with 3 billion barrels considered to be recoverable. It is expected to produce 300,000 bpd once all three phases are completed.
In November 2007, a $2 billion contract for development of the field was signed between China Petroleum & Chemical Corporation Company (Sinopec), and the Petroleum Engineering and Development Company (PEDEC), whereby the Chinese company undertook to produce 85,000 barrels of crude oil per day (bpd) in the first phase, and 100,000 bpd in the second phase.
However, after months of delay, the commitment has not been fulfilled, and having drilled 55 wells, Sinopec's main work to develop the first phase is just near completion.
With regard to the first phase, Sinopec has provided almost 95 percent of the $2.9 billion investment required for the project, Hadi Nazarpour, the chief operating officer of Yadavaran oil field development project said in November, adding that the company is expected to allocate the remaining balance in 2015.
Back in April, managing director of PEDEC, Abdolreza Haji Hosseinnejad, said: "The second phase of Yadavaran oilfield may be developed by Iranian companies, since it is possible now to obtain the necessary credit for development of the second phase through domestic resources."
Iraq has so far produced no oil from the field. Wells at a depth of 4,371 meters were drilled in the field, resulting in discovery of large quantities of crude oil and natural gas in Yamama layer. Iran has produced 54,000 bpd of oil from its portion of the field since January 2012.
Iran and its western neighbor share eight joint oilfields, including Azadegan (Majnoon), Azer (Badra), Yadavaran (Sinbad), Naft Shahr (Naftk hana), Dehloran (Abu Ghurab) and West Paydar (Fakka), Arvand (South Abu Ghurab), and Yaran.
