Iran oil company allocates $3 bln for Persian Gulf projects
Iranian Offshore Oil Company has allocated $3 billion for the implementation of national oil projects which are underway in the Persian Gulf, Mehr news agency quoted IOOC's managing director Mahmoud Zirakchianzadeh as saying, according to Azerbaijan's Trend news agency.
The amount is due to be allocated by the end of the current Iranian calendar year (March 20, 2013), according to the report.
In December 2012, Zirakchianzadeh said that the IOOC has managed to boost production at oilfields.
Output at the deposits located in the Siri and Salman regions has been increased by 25 percent and 50 percent, respectively, he said.
In October, Zirakchianzadeh said Iran has prepared oil development plans, with an estimated cost of $14 billion, related to the Persian Gulf oilfields.
"During the past two years, as much as $20 billion worth of
deals have been signed," he said, "Some $14 billion worth of new
deals have been prepared and will be offered to contractors," he
added.
The deals are related to Farzad A & B, Soroush, Esfandyar, Tossan,
and Alfa fields, Zirakchianzadeh noted.
Iran has been attaching importance to boosting gas production
capacity at its joint oilfields with Qatar and Saudi Arabia.
Iran has the world's fourth-largest reserves of recoverable oil,
after Venezuela, Saudi Arabia, and Canada.
With 34 trillion cubic meters of natural gas reserves, Iran has the
world's second-largest natural gas reserves after Russia.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!