Iraq and Iran move further apart
Baghdad’s pivot away from its neighbour is increasingly extending to their shared resources
Iraq has been giving Iran the cold shoulder in recent months as the new government in Baghdad cosies up to Washington and pivots to build closer ties with Riyadh. And the divergence is also evident in field complexes that sit on both sides of the border. The western part of the giant Iraqi Majnoon oilfield and Iran’s Yaran and Azadegan fields are parts of a shared formation. The overall Majnoon field holds c.38bn bl of oil in place and has been earmarked to reach a production capacity of 500,000bl/d in 2021. The fields on the Iranian side are part of the West Karoun oilfield cluster, along with the giant Azar and Yadavaran fields. A source who advises both oil ministries tells Petroleum
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
