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Iran to invest $50 billion in Persian Gulf oilfields

Oil&Gas Materials 9 July 2011 14:46
Iran will invest $50 billion in its Persian Gulf oil fields and joint oilfields by the end of the Fifth Development Plan (2010-2015).

Azerbaijan, Baku, July 9 /Trend/

Iran will invest $50 billion in its Persian Gulf oil fields and joint oilfields by the end of the Fifth Development Plan (2010-2015), IRNA reported quoting Managing Director of Iranian Offshore Oil Company Mohammad Zirakchian as saying.

"Exactly $10 billion should be invested annually in the Persian Gulf oilfields,"he said. "Therefore, the company signed big contracts in the current year (started on March 21, 2011) and will continue signing next year,'' he said.

The company signed a 1.35 billion contract with Bank Mellat and attracted more than $300 million investment from energy investment funds last solar year (ended on March 20, 2011).
The Iranian Offshore Oil Company plans to attract foreign investments and negotiates with Bank Mellat, Bank Saderat, Tejarat Bank and Pasargad Bank.

The natural gas production is the main priority of the company during the Fifth Development Plan and it expects 10 billion cubic foot gas production per day from Kish, Farzad and Forouz, Lavan, Balal, Reshadat and other oil fields, he noted.

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