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ERBIL, Kurdistan Region - It is time for Iran and Iraq to take practical steps to cooperate in the field of oil and gas, particularly in the areas of exploration, extraction, and production, the head of Iran’s national oil company said on Wednesday.
“It is time for Iran and Iraq to take practical steps to cooperate in the field of oil and gas activities and the scientific, technological, and educational sectors,” Mohsen Khojastehmehr told the Iranian Petro Energy Information Network (SHANA).
The head of the National Iranian Oil Company said that the Islamic Republic has around 400 oil and gas reservoirs, some of which are located on their border with Iraq.
“Today is a great opportunity to cooperate in the fields of exploration, extraction, and production,” Khojastehmehr said, adding that Iran is ready to cooperate with its neighbor “in various fields of geology, oil and gas reservoir studies, seismography and exploratory drilling.”
Iraq’s energy sector is closely tied to Iran. Baghdad depends on electricity and natural gas imports from its neighbor to power its national grid. Iraqi officials have said it will be impossible to sever ties with Iran in order to comply with US sanctions. Iraq was granted a waiver by the US to continue its Iranian imports.
Iran has over the past year cut a substantial amount of natural gas supplies to Iraq, as the delay in setting a budget by the Iraqi federal government has impeded Baghdad’s ability to repay over a billion dollars’ worth of debts owed to Tehran.
However, earlier this month, Iran announced that they had received $1.6 billion in gas export money owed by Iraq, opening the possibility of further cooperation between both countries.
In April, Iran agreed to resume natural gas supplies to Iraq, under the condition that Baghdad repays debts owed to Tehran for previous rounds of gas supply.
Acting Electricity Minister Adil Karim said in April that Baghdad owes Tehran $1.69 billion, adding that the latter is responsible for a minimum of 30 percent of Iraq’s energy.
Iraq suffers from chronic electricity shortages, especially felt when summer temperatures reach over 50 degrees Celsius. The high temperatures also lead to very high consumption of power.
Iran cut its gas exports to Iraq last summer as well, claiming they needed it for internal use, leading to blackouts across the neighboring country.
Iran and Iraq in 2019 agreed to take practical steps toward joint development of oil fields on their shared border.
“It is time for Iran and Iraq to take practical steps to cooperate in the field of oil and gas activities and the scientific, technological, and educational sectors,” Mohsen Khojastehmehr told the Iranian Petro Energy Information Network (SHANA).
The head of the National Iranian Oil Company said that the Islamic Republic has around 400 oil and gas reservoirs, some of which are located on their border with Iraq.
“Today is a great opportunity to cooperate in the fields of exploration, extraction, and production,” Khojastehmehr said, adding that Iran is ready to cooperate with its neighbor “in various fields of geology, oil and gas reservoir studies, seismography and exploratory drilling.”
Iraq’s energy sector is closely tied to Iran. Baghdad depends on electricity and natural gas imports from its neighbor to power its national grid. Iraqi officials have said it will be impossible to sever ties with Iran in order to comply with US sanctions. Iraq was granted a waiver by the US to continue its Iranian imports.
Iran has over the past year cut a substantial amount of natural gas supplies to Iraq, as the delay in setting a budget by the Iraqi federal government has impeded Baghdad’s ability to repay over a billion dollars’ worth of debts owed to Tehran.
However, earlier this month, Iran announced that they had received $1.6 billion in gas export money owed by Iraq, opening the possibility of further cooperation between both countries.
In April, Iran agreed to resume natural gas supplies to Iraq, under the condition that Baghdad repays debts owed to Tehran for previous rounds of gas supply.
Acting Electricity Minister Adil Karim said in April that Baghdad owes Tehran $1.69 billion, adding that the latter is responsible for a minimum of 30 percent of Iraq’s energy.
Iraq suffers from chronic electricity shortages, especially felt when summer temperatures reach over 50 degrees Celsius. The high temperatures also lead to very high consumption of power.
Iran cut its gas exports to Iraq last summer as well, claiming they needed it for internal use, leading to blackouts across the neighboring country.
Iran and Iraq in 2019 agreed to take practical steps toward joint development of oil fields on their shared border.
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