Iran has raised oil production from the oilfields in its southwest it shares with Iraq to 400,000 barrels per day (bpd) from 70,000 bpd in the past seven years, Shafaq News quoted Iranian Oil Minister Bijan Zangeneh as saying on Tuesday. The oilfields in Karoun that Iran shares with Iraq include five major fields—North Azadegan, South Azadegan, North Yaran, South Yaran, and Yadavaran. Iran plans to significantly boost production and exports from the West Karoun cluster of oilfields, estimated to contain at least 67 billion barrels of oil in place, Oilprice reported last month. Iran officially launched in August the first phase of the oil-transfer chain of the West Karoun oilfields – with a daily delivery capacity of 460,000 bpd of heavy crude oil and 254,000 bpd of light crude oil to export terminals. After developing Phase 2 of the project, which is currently underway, Iran will have the […]