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Iran earmarks USD 900 million for offshore oil development plans
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Friday, 16 Nov 2012

Tehran Times reported that Iran’s Energy Fund has allocated USD 900 million for implementing development projects at offshore oilfields in the current Iranian calendar year which ends on March 20th 2013.

Mr Mahmoud Zirakchianzadeh MD of Iranian Offshore Oil Company said that “Last year, USD 300 million of the fund’s assets was allocated for the purpose. Iran has prepared new oil development plans, with an estimated cost of USD 14 billion, related to oilfields located in the Persian Gulf.”

Mr Zirakchianzadeh said that “During the past two years, as much as USD 20 billion worth of deals have been signed. Some USD 14 billion worth of new deals have been prepared and will be offered to contractors. The deals are related to Farzad A & B Soroush, Esfandyar, Tossan and Alfa fields.”

Mr Rostam Qasemi oil minister of Iran has ordered all contractors of South Pars gas field development projects to work round the clock in three shifts to complete the development of all phases, especially phases 12, 15, 16, 17, and 18.

Source - Tehran Times


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