Tehran (IP) - The Director of National Iranian Oil Company (NIOC) has said that despite the problems created due to sanctions, the Corona outbreak, and lack of financial resources, the program of the development of joint oil field is being implemented.

Iran Press/Iran News: At the signing ceremony of the contract for the development of the Yaran joint oil field on Saturday, Masoud Karbasian said: "Currently three IPCs in the joint oil fields are on agenda which are waiting to be confirmed by the country's Plan and Budget Organization."

Karbasian said that the Yaran project is the sixth IPCs in oil, adding: "The joint field has 1.55 billion oil barrels at-place and is joint with the Iraq Majnoun Oil Filed."

Noting that the oil field requires a $230-million direct investment and a total of $300 million investment, he said that the government revenue out of the contract is $2 billion. 101/207

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