Iran's joint field developments require $8 bln investment

Oil&Gas Materials 7 September 2011 12:29 (UTC +04:00)

Azerbaijan, Baku, Sept. 7 /Trend/

Iran requires $8 billion in investments to develop and operate joint oil-fields in the Persian Gulf region, SHANA reported, quoting Managing Director of Iranian Offshore Oil Company Mahmoud Zirakchian.

"To develop joint oil-fields in the Persian Gulf, an investment of $8 billion is required in the coming years," he said.

According to plans, excluding South Pars, joint gas fields in the Persian Gulf will produce 4,000 billion CFG daily, Zirakchian added.

The managing director noted that offshore joint fields will increase production by 60,000 barrels by the end of the current solar year, which began on March 20, 2011.

Iran has OPEC's second-highest oil output, and ranks second in the world in terms of natural gas reserves after Russia.

Most foreign giant oil and gas companies have halted their activities in Iran due to international sanctions against Iran imposed by the UN Security Council and countries in the West.