Last month, the Iranian Oil Ministry signed an agreement with the Iraqi Oil Ministry to settle disputes over joint oil fields and to examine the feasibility of creating an oil pipeline from Iraq’s Kirkuk fields through Iran.
The agreement was made during the visit of Iranian Oil Minister Bijan Zanganeh in Iraq to coordinate both countries’ stances in the Organization of the Petroleum Exporting Countries (OPEC). Zanganeh also discussed with Iraqi Oil Minister Jabbar al-Luaibi ways to support oil prices and achieve balance in the global oil markets.
Based on the maps published before the Iran-Iraq War, Oil and Energy Committee Member of Parliament Ahmad Madloul said that most disputed oil fields are Iraqi. However, Iranian officials disagree. Last month, Iranian oil firms resumed drilling oil wells in Azadegan, which is one of the joint fields between the two countries. Now, Madloul stresses that a joint committee will be decisive for settling the dispute. He said:
“If a joint committee is not formed, the oil wells will bring bigger problems in the future for both countries.”
He also asked that the committee should carefully identify land proprietorship for the countries to find out who rightfully owns the oil wells along their borders.
Currently, there are five Iraqi oil fields situated along the border with Iran. Similarly, Baghdad and Tehran are also sharing five oil fields. It is said that the combined production capacity of these reserves can exceed 95 billion barrels of light crude oil.