Baku, Azerbaijan, May 4
By Farhad Daneshvar – Trend:
Iranian Offshore Oil Company (IOOC) says its oil extraction from a joint field with Saudi Arabia is expected to increase by 12,000 barrels per day over coming months.
The head of IOOC, Hamid Bovard, has said that the development will take place after installing a wellhead platform at Forouzan Oil Field in Persian Gulf, IRNA news agency reported.
According to the official, the IOOC plans to lure at least $1.8 billion in investment for several projects which are expected to increase the company’s daily output of oil and gas by 110,000 barrels and 300 million cubic feet respectively.
Forouzan Oilfield, shared with Saudi Arabia, is located 100 kilometers southwest of Iran’s Kharg Island. The field was discovered in 1966 with estimated in-place reserves of 2.309 billion barrels of crude. Forouzan is known as Marjan in Saudi Arabia.