Managing Director of Iran's Oil Industry Investment Company Ahmad Nasiri said that Iran would participate in Iraq's oil projects, Iran's semi-official Fars news reported Wednesday.
"Iran will cooperate with Iraq on nine oil wells drilling programs in north Baghdad," Nasiri was quoted as saying.
"Iran and an Iraqi company are partners in the venture with a total amount of 25 million euros (32.25 U.S. dollars)," he said.
The venture is slated to be done in 18 months, Nasiri said, noting that "Iran hopes the venture would pave the way for further presence in Iraq and other neighboring countries' oil industry."
Last week, Iraqi Oil Minister Hussein al-Shahristani appealed to international oil companies to participate in developing Iraqi petroleum sector.
Shahristani made the remarks at the opening of a three-day energy conference in Baghdad on Friday to attract investments from international oil companies.
Iraq, as Iran's western neighbor, has large oil reserves in its northern region.
Iran is a member of the Organization of Petroleum Exporting Countries (OPEC), and ranks amongst the world's top three holders of proven oil and natural gas reserves.
Iran is OPEC's second-largest exporter after Saudi Arabia and the fourth-largest exporter of crude oil globally after Saudi Arabia, Russia and Norway.
Source:Xinhua
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