Shafaq News / The National Iranian Oil Company signed, on Saturday, a contract with “PERSIA” oil and Gas Company to develop the common "Yaran" oil field located in the northern Dezful, parallel to Iran-Iraq borderline.

The signing ceremony was attended by Iranian Oil Minister Begin Zangana and CEO of National Iranian Oil Company (NIOC) Masoud Karbasian, according to Fars news agency.

The agency stated that the contract aims to develop the joint Yaran field with the Iraqi "Majnoon" oilfield over 10 years, with direct and indirect investments of $ 294 million, and building facilities at 236 $ million.

The contract is for drilling 6 new wells in addition to one for water injection, it’s also, for maintaining 5 and equipping 27 wells with ESP pumps.

It permit also to construct and develop groundwater monitoring wells, to conduct laboratory studies, and to design EOR for increasing the reserves and production from reservoirs.