"Iran intends to invest $14bln to increase its production at oil fields in the Persian Gulf, most of them are among joint fields," an informed source told FNA on the condition of anonymity.
The investment will be allocated to the development of Farzad B, Soroush, Esfandiar, Alfa and Tosan fields as well as the construction of a number of oil storage facilities, the source said.
The source noted that once the investments are made, Iran will extract crude oil from the fields in the Persian Gulf more than its neighbors, adding that Iran is now extracting 1.34mln barrels per day from the fields.
Iran shares joint oil fields with the United Arab Emirates, Iraq, Qatar, Kuwait, Oman, and Saudi Arabia.
Last month, Managing-Director of the National Iranian Offshore Oil Company (NIOOC) Mahmoud Zirakchianzadeh said his company is conducting negotiations over several deals worth 14 billion dollars.
Zirakchianzadeh said at the time that the technical and financial aspects of the contracts had been finalized and the necessary procedures were underway to finalize the deals.
He added the contracts dealt with the development of Farzad A, Farzad B, Soroush, Esfandiar, Tosan and Alfa fields.
mehr/281
Iran plans to boost its oil output by investing billions of dollars in the development of its oil fields in the Persian Gulf.
News ID 183053
