Iran notably increases output at offshore oilfields

Business Materials 8 December 2012 11:51 (UTC +04:00)

Azerbaijan, Baku, Dec.8/ Trend G.Mehdi/

The Iranian Offshore Oil Company has managed to boost output at oilfields to a great extent, the Shana News Agency quoted IOOC managing director Mahmoud Zirakchianzadeh as saying.

Output at the Siri and the Salman regions have been increased by 25 percent and 50 percent, respectively, he noted.

Meanwhile, output at the Doroud region will be increased to 33 percent from 23 percent, he added.

On December 3, Mansour Ghiyabi Hayat, an official with the IOOC, said that IOOC will drill 17 new exploratory oil wells in the Persian Gulf in order to locate and identify more probable reserves.

A Heads of Agreement (HOA) has been signed with PetroIran Company in this regard, he noted.

On October 14, Mahmoud Zirakchianzadeh said Iran has prepared 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, "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 attached priority to boosting gas production capacity at its joint oilfields with Qatar and Saudi Arabia.

The country 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.