Baku, Azerbaijan, Dec. 29
By Fatih Karimov - Trend: The Economy Council of Iran has approved the development of West Karoun oilfield, located in southwest of the country, as the largest joint oilfields development plan.
Investment of some $15.2 billion is projected for the plan over the course of four years, Iran's Mehr news agency reported on Dec. 29.
West Karoun oilfields are currently producing 300,000 barrels per day.
The production capacity is scheduled to reach 1.4 million barrels per day by 2021.
Iran's National Development Fund (NDF) has allocated $2 billion for the development of West Karoun oilfields.
National Iranian Oil Company official Moshtaghali Gohari said on Dec. 13 that the sum would be drawn from the NDF by the end of the current fiscal year (March 21, 2015).
NDF is projected to allocate $6 billion for the project over the course of three years, he added.
Iranian Oil Minister Bijan Namdar Zanganeh has said that the development of joint oil and gas fields is a national task.
edited by CN