Why it matters:
The Arash oil field, shared by Iran, Kuwait, and Saudi Arabia in the Persian Gulf, holds substantial oil and gas reserves and is strategically vital to Iran's energy security and economy.
The bigger picture
The oil field contains 20 trillion cubic feet of natural gas and 310 million barrels of crude oil. Ownership disputes have amplified its strategic and economic significance.
What he's says:
Oil Minister Mohsen Paknejhad stated that while installing a drilling rig in the Arash oil field is possible, the Ministry of Oil awaits diplomatic resolution through the Foreign Ministry to clarify boundaries and limitations.
He added that the Ministry of Oil is prepared to commence development operations in the Iranian portion of the Arash field upon notification from the Ministry of Foreign Affairs.
Go deeper:
Iran Calls Media Reports on Arash Joint Oli Field Baseless
Iran Dismisses Kuwait's Claims on Arash Field
Hossein Amiri
