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June 2nd, 2012 
FAKE NEWS for the Zionist agenda During negotiations, which precede the 161st ordinary meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna on June 14, the two sides will also discuss new gas and diesel export contracts as well as supply and demand in global oil market.
Developing joint oil fields is the main focus of Baghdad talks and if a final agreement is reached, the first contract for developing a joint oil field will be signed between two neighbors.
Iran and Iraq are also supposed to form a joint six-member technical and operational committee with members from both countries oil ministries whose main duty is to study and supervise projects related to joint oil fields.
The establishment of a joint Tehran-based oil company is another goal of the Baghdad talks and if an agreement is reached, the company will be established this year.
Iranian and Iraqi officials have already reached an agreement for developing the Sohrab joint oil field which will be developed by Iranian contractors using the investment made by Iranian companies.
Managing Director of the National Iranian Central Oil Company Mehdi Fakour had already said Iran and Iraq started negotiations for developing joint oil fields in 2006 and had prepared a draft agreement for oil cooperation.
Based on current studies, there are 23 joint hydrocarbon fields between Iran and Iraq which are divided into exploration, developmental and production fields.
Both countries are OPEC members which supplies about 40 percent of the world’s oil.
Iran shares oil and gas fields with most of its neighbors, including Iraq, Kuwait, Persian Gulf littoral countries, Qatar and Oman, as well as Turkmenistan.
Iranian energy officials said in July 2011 that as much as 35 percent of the country’s energy development budget would go towards the development of joint oil fields.
SS/HGH/IS
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