Iran to invest 7 bn dollars in oil

TEHRAN, Sep. 29 (MNA) – Director of the Iranian Offshore Oil Company (IOOC) has described Iran’s new program to invest 7 billion dollars in the Persian Gulf’s gas and oil.

Explaining Iran’s major oil and gas plans in the Persian Gulf, Saeed Hafezi said that, “IOOC’s strategic policies include secendary production projects as well as projects like High pressure water and gas injection to old tanks, development of small and medium-sized fields and blocking gas waste in offshore oil rigs.”

Underlining that the decline in the natural rate of oil and gas production in the Persian Gulf offshore fields exceeds all other hydrocarbon reservoirs, Hafezi asserted that, “nevertheless, we have put special programs on our agenda in order to maintain gas and oil production in the Persian Gulf.”

Emphasizing that one of the major upcoming projects will be development of production capacity in existing and new oil and gas fields, the official asserted that, “accordingly, we aim to increase gas production by 10 billion cubic feet.”

“In addition to increasing gas production, we pursue creation of gas hubs in Sirri and Lavan areas,” reiterated the official adding that, “meanwhile, we have started studies and planning to swap and transit gas from the Caspian Sea to the Persian Gulf.”

HA/2927497

News Code 110584

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