The Iranian Offshore Oil Company will sign USD 14 billion in deals by the end of the current calendar year to develop six oilfields.

Mr Mahmoud Zirakchianzadeh MD of IOOC said that the deals are related to Farzad A & B, Soroush, Esfandyar, Tossan and Alfa fields. The IOOC signed USD 6 billion in seals last year.

Mr Rostam Qasemi oil minister of Iran said that the Iranian government should consider plans for the development of joint oilfields in the border areas with Iraq. The government should increase the budgets for the development of joint oilfields. The oil industry's infrastructure needs more than IRR 500 trillion of investment to achieve objectives of the 20 Year Outlook Plan which ends in 2025. Iran has attached the priority on boosting gas production capacity from its joint oilfields with Qatar and Saudi Arabia.

Source - Tehran Times

(www.steelguru.com)