Iran has accelerated the development of joint fields, said a senior official, adding that oil extraction from such projects is expected to begin by the end of this year.

Operator of South Yaran Oil Field Development Project Homayoun Kazemeini added that the project will reach production level this year with daily extraction of 10,000 barrels of oil, reported Irna.

He said development of oil fields west of Karoun, which is home to the biggest oil field of Iran, is given the priority by Iranian Ministry of Petroleum.

As joint fields west of Karoun, including South Azadegan, North Azadegan, Yadavaran, North Yaran and South Yaran, were given the priority in the list of fields to undergo development, their development was accelerated, he explained.

Drilling of 18 oil wells is complete and operations to install 15 supplementary wells is finalized, according to Kazemeini.

Yaran field is divided into North and South Yaran, having the capacity of two billion barrels of in-sita oil reserves. It is common with Iraqi Majnoon field. Development of the field was entrusted to the Petroleum Development and Engineering Company on approval of the board of directors of National Iranian Oil Company in July 2013.

South Yaran field aims to produce 50,000 to 60,000 barrels of oil and 60 million cu ft of gas a day.