Tehran, Iran, Sept. 18
By Mehdi Sepahvand -- Trend:
The Iranian Offshore Oil Company (IOOC) has the ability to produce 800 thousand barrels of oil per day, much greater than the current output of 500 thousand barrels, which is forced on it under sanctions, CEO of the National Iranian Oil Company Rokneddin Javadi said.
Speaking during a ceremony marking the company's 35th anniversary, Javadi said the IOOC has 100 billion barrels of oil in place reserve, Fars news agency reported Sept. 18.
He stated that expecting the removal of international sanctions on Iran, the company is looking forward to boosting its output.
He also said that the company is not only of high significance in economic terms, it has also played a great role in security and political terms for being an indication of Iran 's influence over the strategic Persian Gulf.
The IOOC CEO Said Hafezi has said that the company has the opportunity to attract $20 billion worth of investment for its projects in the current Iranian fiscal year (to end March 20, 2016).
He added that IOOC would hold two tenders on repairing 40 old wells and drilling 15 new ones in the EPDF format.
Decline in investments has led to delay and halt in the development projects of the oil industry.
Holding 157 billion barrels of recoverable crude oil reserves, Iran possesses the world's fourth largest reserves of crude oil.
Edited by CN