The Iranian Oil Ministry plans to invest 50 billion U.S. dollars for developing joint oil fields in the current Iranian calendar year (which started on March 20), the semi-official Mehr news agency reported on Thursday.

In the current Iranian calendar year, 12 new contracts have been signed with foreign contractors for developing joint oil fields, Iranian Oil Minister Rostam Qasemi was quoted as saying.

In the previous years, 15 billion dollars had been invested on joint oil fields, but this figure increased to 27 billion dollars in the last Iranian calendar year, Qasemi said without elaboration.

According to the report, Iran shares joint oil fields with the United Arab Emirates, Iraq, Qatar, Kuwait, Oman, and Saudi Arabia.