Azernews.Az

Iranian Offshore Oil Company has signed a deal to carry out a large oil exploration project costing $30 million in the Persian Gulf, Mehr news agency quoted IOOC managing director Mahmoud Zirakchianzadeh as saying on Wednesday.

The project, which includes seismic operations, will be implemented across a 1700 square kilometre area of the Persian Gulf, he said, adding that 12 exploratory wells will be drilled in the Persian Gulf's joint oilfields.

On October 14, Zirakchianzadeh said that Iran has prepared new oil development plans with an estimated cost of $14 billion, related to oilfields located in the Persian Gulf.

"During the past two years, as much as $20 billion worth of deals have been signed," he said. "$14 billion worth of new deals have been prepared and will be offered to contractors."

"The deals are related to the Farzad A & B, Soroush, Esfandyar, Tossan, and Alfa fields," Zirakchianzadeh noted.

Iran has attached priority to boosting gas production capacity at its joint oilfields with Qatar and Saudi Arabia.

Oil Minister Rostam Qasemi has ordered all contractors at the South Pars gas field development projects to work round the clock in three shifts to complete the development of all phases.

The South Pars gas field is shared by Iran and Qatar.

The Iranian share, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight per cent of total world reserves.