TEHRAN (FNA)- Tehran has proposed that Iran, Saudi Arabia and Kuwait collaborate to jointly invest, develop and produce gas from the Iran-Kuwait Arash field.
The Head of the Iranian Offshore Oil Company (IOOC), Mahmoud Zirakchianzadeh, told the Shana that the three neighboring countries can jointly invest, develop the field and finally export natural gas from the Arash gas field to Saudi Arabia and Kuwait.
The Arash gas field is jointly owned by Iran and Kuwait and is located between the three countries’ water borders. An earlier report suggested that Kuwait was keen to find a way to involve Saudi Arabia in the project, press tv reported.
In July 2007, the head of the Iran-Kuwait parliamentary group, Javad Sa’dounzadeh, said that Saudi Arabia would have to go half-and-half with Kuwait out of the latter’s 50 percent share of the proceeds.
The joint development of the Arash project was first discussed between the three countries in an international oil conference in Spain, at which time Saudi Arabia said it agreed to the proposal, but needed to obtain the appropriate authorizations.
Expert committees will work to resolve a difference of opinion between Iran and Kuwait over ownership of the Arash field before the joint development project commences. Kuwait claims it owns more than 50% of the field, while Iran believes that the two countries have equal ownership.