Belarus Foreign Minister Sergei Martynov stated Jofeir oilfield at the Iran-Iraq border, which is being jointly developed by the two countries, will be tapped in the near future.
During a meeting with his Iranian counterpart Manouchehr Mottaki in Tehran on Tuesday, Martynov said the project will officially come on stream in the presence of Belarusian and Iranian presidents, ISNA news agency reported.
He highlighted the implementation of joint projects, adding good potentials exist to boost cooperation in transportation and automotive industries.
National Iranian Oil Company and Belarus national oil company Belarusneft signed a contract for development of Jofeir oilfield in September 2007.
In a meeting between Iranian Oil Minister Masoud Mirkazemi and Belarusian Minister of Industry Alexander Radovic in December 2009, the two sides agreed to launch the Belpars Company in order to carry out joint projects, the Mehr News Agency reported.
Development of Jofeir oilfield was also discussed in the meeting.
"We expect the oilfield to come on stream at the cost of $500 million," Mirkazemi said.
He went on to note that the field's early production will start in four or five months.
Jofeir oilfield is located in Iran-Iraq border and is expected to produce 30,000 barrels per day of crude oil and 6.3 million cubic feet of natural gas based on initial estimations.