$1B allocated for oil reservoirs in Iran’s Gachsaran

Oil&Gas Materials 27 November 2018 19:34 (UTC +04:00)

Baku, Azerbaijan, Nov. 27

By Elnur Baghishov – Trend:

This Iranian year (started March 21), $1 billion has been allocated for expansion of nine oil reservoirs in the Gachsaran County of Iran’s Kohgiluyeh and Boyer-Ahmad Province, Executive Director of Gachsaran Oil and Gas Production Company (GOGPC) Hoshang Seydali said in an interview with IRNA.

He said as part of the contracts regarding several southern oil fields, investments worth $5 billion are envisaged for expansion of 28 oil reservoirs, and one fifth of them account for Gachsaran.

He added that these funds will be spent on implementation of projects for storage of oil extracted at fields in Gachsaran.

Presently, 620,000 barrels of oil are extracted from oil fields in Gachsaran, he said.