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Iran to ink 20 deals by March to develop joint oilfields

Iran Materials 27 November 2011 14:41 (UTC +04:00)

Azerbaijan, Baku, Nov.27 / Trend, F.Milad/

The National Iranian Oil Company's managing director said that 20 contracts will be signed by late current Iranian calendar year (March 20, 2012) to develop joint oilfields.

Speaking to journalists on the sidelines of a ceremony of signing Farzad A oilfield development deal in Tehran, NIOC director Ahmad Qalebani said that contracts for developing Farzad B, Soroush, Esfandyar, Lavan, Arash and Hengam fields will soon be finalized, Fars news agency reported.

Iran's Oil Minister Rostam Qasemi said that the Iranian government should consider plans for the development of joint oilfields in border areas with Iraq in August, IRNA news agency reported.

The government should increase the budgets for the development of joint oilfields, Qasemi said at a meeting with the Iranian oil industry contractors.

"The oil industry's infrastructure needs more than 500 trillion rials (about 50 billion U.S. dollars) of investments to achieve Iran's 20-year economic perspective plan goals," Qasemi said.

"By the end of the fifth development plan (2015), the country's oil production should increase to 5.2 million barrels per day (bpd) and this should happen from the country's joint fields," ISNA news agency quotes Qasemi as saying.

Officials have set Iran's current output between 3.6 million and 4 million bpd. Hormoz Qalavand, head of the National Iranian Southern Oil Company, told the Fars news agency recently that Iran's oil production is 3.92 million bpd.

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