Iran plans to boost the output of Yadavaran oil field to 50,000 barrels per day from the current 20, 000 bpd by the end of the Iranian year starting on March 21, Tehran Times daily reported on Thursday.

Nader Qorbani, managing director of Iran's Petroleum Engineering and Development Company, was quoted as saying that Yadavaran oil field's output is projected to ultimately reach 300, 000 bpd.

The oil field, which Iran shares with Iraq, started production in February 2012 and is estimated to hold around 12 billion barrels of in-situ crude oil, some 354 billion cubic meters of associated gases as well as nearly 1.9 billion barrels of condensates, according to the report.