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News number: 9203181562

11:04 | 2013-06-12

Economy

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IOOC Raising Oil Production from Persian Gulf Fields

TEHRAN (FNA)- Managing Director of the Iranian Offshore Oil Company (IOOC) said oil production from the oil fields located in the Persian Gulf waters will rise by 40 percent by 2020.



NIOOC Chief Mahmoud Zirakchianzadeh said raising gas production to 10 billion cubic feet, enhancing recovery, completion of development plans at oil and gas fields specially in shared fields as well as health and environment projects are among the other issues the company will pursue over the fifth and sixth five-year development plans up to 2020.

Noting that IOOC is producing oil and gas from 600 hydrocarbon wells in the Persian Gulf, Zirakchianzadeh said, "The company has signed contracts worth as much as 29 billion dollars over the recent years."

Several projects will be launched over the current year, which include a 3.5 million barrels oil storage tank, production of 540 million cubic feet of gas per day from Salman field, completion of development plan of Hengam field and launching boosting gas pressure stations at Abozar and Hendijan oil fields.

"The company also plans to implement several gathering associated gas projects in Bahregan, Siri, Lavan and Kharg," the IOOC official told Shana, adding early production from Kish gas field was also on the agenda.

"The NIOOC is producing 6 oil grades out of 8 grades comprising crude oil export basket of the country," Zirakchianzadeh noted.