Iran allots $1 billion to develop central oil and gas fields

Oil&Gas Materials 13 October 2012 13:01 (UTC +04:00)

Azerbaijan, Baku, Oct.13/ Trend G. Mehdi/

During past year, Iranian Central Oil Fields Company (ICOFC) has allocated $1 billion for developing oil and gas fields in the country, IRNA quoted the ICOFC managing director Mehdi Fakour as saying on Saturday.

Although it has been planned to allocate $968 million over three years time,$1 billion was allocated in just a year, he noted.

On October 9, Fakour told IRIB News that the company will draw out $1.2 billion from the energy fund to invest in related oil and gas projects by the end of the current calendar year (March 20, 2013).

Four Iranian oil fields, namely Cheshmeh Khosh, Sarvestan, Khesht, and Saa'databad, located in central parts of the country, are in the final stages of development and will start production by the end of the current (Iranian) year, Fakour said on September 25.

The Shana News Agency quoted him as saying that Cheshmeh Khosh field's output will be doubled to 180,000 barrels per day. Sarvestan and Saa'databad fields will also start 15,000 barrels per day production by September, he noted.

The National Iranian Oil Company's managing director Ahmad Qalebani has said that the country's daily oil and gas outputs should amount to five million barrels and 1.47 billion cubic meters by 2015.

Oil Minister Rostam Qasemi said in August 2011 that the Iranian government should consider plans for the development of joint oil fields.

The government should increase the budgets for the development of joint oilfields, Qasemi added.

"The oil industry's infrastructure needs more than 500 trillion rials (about $41 billion) of investment to achieve objectives of the 20-Year Outlook Plan," Qasemi was quoted as saying.