South Yaran oil field will come on-stream by March 2016 with 50,000b/d of crude oil output, operator of the field's development project said.
Hadi Kazemeini said studies are under way for production of crude oil from new layers of the field.
He said development of the field was nearly 40% complete by mid-June.
Eight drilling rigs are already operating in the field and four more rigs are to be moved there.
National Iranian Drilling Company (NIDC), Puya Energy Kish, Naft Kar and Khatam al-Anbia Construction Headquarters are in charge of drilling.
Iraq is already recovering 200,000 b/d from South Yaran field which the two neighbors share.