Iran to develop offshore oilfields through selling $82 million bonds
Azerbaijan, Baku, Mar. 5/ Trend F.Milad/
Iranian Offshore Oilfields Company (IOOC) will sell 10 trillion rials (some $82 million) in bonds to finance the development of offshore oilfields, the IOOC managing director Mahmoud Zirakchianzadeh said.
The company has invested $25 billion in ongoing development projects, he told Shana news agency.
Oil Minister Rostam Qasemi said that the country plans to raise oil production to more than 4 million barrels per day (bpd) within two years and increasing it to 5 million bpd by 2015.
Iran sits on the world's second largest natural gas reserves after Russia and is trying to increase its gas production by increasing foreign and domestic investments, especially in its South Pars gas field.
The field is shared by Iran and Qatar. The Iranian share, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of the total world reserves, and more than 18 billion barrels of liquefied natural gas resources.