Tehran agrees to sell $1.5bn in bonds to develop communal oil and gas fields
The Iranian parliament has given the country’s oil ministry permission to sell more than $1.5bn in bonds to raise funds for the development of some of the oil and gas fields that it shares with its neighbours in the Gulf. In an open session of the parliament on Saturday, the Iranian lawmakers approved the relevant clause in next year’s budget that begins on March 21.
Iran shares a number of oil and gas fields with its Arab neighbors in west and southwest, the largest being the South Pars gas field that straddles its maritime borders with Qatar. Iran’s section of the field contains an estimated 14 trn³ of gas and 18b barrels of oil. The ownership of the Al Fakkah, Abu Ghurab and Buzugan oil fields on its borders with Iraq has been a matter of dispute since 2003.