Iranian minister of petroleum Rostam Qasemi, the National Iranian Oil Company (NIOC) managing director Ahmad Qalebani and Persia Energy Company’s head of board of directors Gholam Hosain Nozari attended the signing ceremony.

Ahead of signing ceremony, NIOC’s managing director presented some details on the Yaran oil field noting the field which is located in West Karoon oil region, is a shared oil field which covers 65 kilometers with 1.1 billion barrels of in place oil reserves.

According to NIOC top executive, early production from the field will start with 10 to 15 thousand barrels per day while by completion of the final phase, the field’s oil output would reach 20 to 25 thousand barrels per day over a 24 year period.

In another development, Iran’s minister of petroleum said up to the end of current Iranian calendar year on 20th March 2012, each week one contact would be signed for development of shared oil and gas fields resulting to finalization of all shared fields during the period.

Addressing at petroleum ministry’s Basij (volunteer) forces gathering, Qasemi said Basij and Basiji thought did not belong to a special era adding the country’s oil industry shoulders a huge responsibility which will bear fruit just by getting help from Basiji thought.