NIOC commits $7 billion to Persian Gulf fields

National Iranian Oil Company (NIOC) has approved $7 billion of investments in three oil and gas fields in the Persian Gulf.
Feb. 18, 2015

Offshore staff

TEHRAN, Iran – National Iranian Oil Company (NIOC) has approved $7 billion of investments in three oil and gas fields in the Persian Gulf.

NIOC head Saeed Hafezei told news service Shana the sums will be directed at theResalat and Reshadat oil fields and the Salman gas field, all 18 km (11 mi) offshore Lavan Island. The island currently handles production of 105,000 b/d of oil.

Iranian Offshore Oil Co. operates most of Iran’s offshore oil output.

02/18/2015

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