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Newly found fields could attract $15b, IOOC Chief

13 Jan 2014 - 15:36

TEHRAN Jan 13 (Shana): Iranís newly discovered oil and gas fields in the Persian Gulf have the capacity to attract more than 15 billion dollars in investment, managing director of Iranís Offshore Oil Company (IOOC) said.
Speaking to Shana, Saeed Hafezi further noted that in addition to gas, more than 410 thousand barrels of water are being injected to the oil fields covered by the company on a daily basis aiming at enhancing oil recovery.

He further said the company runs 150 oil maritime structures in the Persian Gulf waters which need close watch and maintenance to prevent corrosion and wear.

The oil produced in the Persian Gulf has a good quality and is attractive to customers, so IOOC is not worried about raising its oil production, IOOCís head said.

He continued production capacity of the oil fields located in Kharg Island region stands at 200 thousand barrels per day stating the company has given priority to development of shared oil and gas fields in the region.

In 2007, IOOC managed to raise its oil production to 724 thousand barrels per day, the highest level in 60 years, the official concluded.†


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