Iran needs $8 billion to develop joint oil & gas fields in Persian Gulf
Azerbaijan, Baku, Sept. 18 /Trend A. Qurbanova/
Iran requires $8 billion investment to increase production in its joint oil and gas fields with Persian Gulf states , SHANA reported quoting Managing Director of Iranian Offshore Oil Company Mahmoud Zirakchian as saying.
"To increase production in 15 joint oil and gas fields in upcoming years, Iran needs $8 billion investment," he said.
According to plans the production in joint gas fields will increase to 4 billion cubic foot gas per day , he added.
He noted Iran's current oil production is mainly from joint fields in Persian Gulf and the Iranian Offshore Oil Company aims to produce one million barrels of oil from joint fields and produce 10 billion cubic foot gas per day.
Iran has joint oil and gas fields with Qatar, Iraq, and Persian Gulf countries. Iran's Oil Minister Rostam Ghasemi said the ministry's priority is to increase the oil production from the joint fields.
Iran has OPEC's second-highest oil output, and ranks second in the world in terms of natural gas reserves after Russia.