Azerbaijan, Baku, Apr.22/ Trend, R. Zamanov
The Iranian Offshore Oil Company (IOOC) will boost its daily production by 235-400,000 barrels in the next two years, the company's managing director said on Monday.
By the end of the Fifth Five-Year Economic Development Plan (March 2016), Iran's oil production should be increased up to 1.2 million barrels and IOOC's share is about 400,000 barrels, the ISNA News Agency quoted Mahmoud Zirakchianzadeh as saying.
The Reshadat oilfield's output will reach 65,000 barrels per day by the end of the current year, he said, noting that Hengam oilfield's production will also reach 30,000 barrels per day.
Zirekhachianzadeh went on to note that an Indian company has declared its readiness to develop Farzad B oilfield.
Considering the positive talks, the contract for development of the Farzad B oilfield will be signed with the Indian firm and a domestic consortium by the end of the current year, he explained.