Iran has awarded a contract worth more than US$1 billion to a Russian shipbuilder for the construction of five offshore drilling rigs to be used in Irans section of the Persian Gulf shelf, a company official told Reuters. The company, Krasnye Barrikady, had been in discussions with the Iranian government regarding the project for almost two years....

TEHRAN -Iran is planning to boost oil production at offshore fields located in the Persian Gulf to 500,000 barrels per day (bpd) in the current Iranian calendar year, which began on March 21. The country will invest $2 billion to increase production at Salman, Hengam, Forouzan, and Reshadat oilfields in the Persian Gulf, the Mehr News Agency quoted ...

Output from Iran's Forouzan offshore oilfield is set to more than double to 100,000 barrels per day (bpd) by next March, after two additional production platforms are installed, oil ministry news service Shana said. Development of Iran's part of the field, which it shares with Kuwait, will also increase gas production by more than 250 million cubic ...