The aim is to increase crude production capacity by 550,000 barrels per day by 2019.
The budget allocation followed a decision by the Economic Council to approve development of the first three of about 20 fields shared with Iraq, Saudi Arabia and other neighbours.
The planned investment includes construction of pipelines to export terminals in the northern Persian Gulf.
The three priority fields are South and North Azadegan and South Yaran — all located in a region known as “west Karun”, enclosed by the Karun River and the border with Iraq.
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