Iran’s IOOC earmarks $3 billion for oil projects in Persian Gulf
Azerbaijan, Baku, Jan. 4 / Trend F.Mehdi/
Iranian Offshore Oil Company has allocated $3 billion for implementing national oil projects which are underway in the Persian Gulf, the Mehr News Agency quoted IOOC's managing director Mahmoud Zirakchianzadeh as saying.
The sum is scheduled 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 output at oilfields to a great extent.
Output at the Siri and the Salman regions have been increased by 25 percent and 50 percent, respectively, he noted.
In October 2012, 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.
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.