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Zanganeh .... Iran government to develop oil fields

Iran allocates $20bn to develop oil fields

IRAN, April 15, 2015

The government of Iran has allocated $20 billion to develop West Karoun oil fields in the southwestern province of Khuzestan, announced Oil Minister Bijan Namdar Zanganeh.

Zanganeh said that his ministry has placed the production of crude from West Karoun oil fields as a top priority, said a report in Iran Daily citing Shana news agency.

"Based on plans, we should produce 700,000 barrels of crude in West Karoun oil fields within three years," the minister added.

He noted that the government will develop the oil fields on the basis of buyback contracts with domestic and international oil companies.

The Oil Ministry has drawn up new contracts to facilitate the development of oil and gas fields across the country, he added.

Zanganeh added that Iran is capable of supplying more oil to the market following the removal of sanctions.

Despite sanctions and restrictions on financial resources, the minister said, the Islamic Republic has managed to launch five new phases of South Pars Gas Field. A total of 125 million cubic meters per day was added to the country's annual gas production capacity in the 12 months to March 2015.

He said gas production capacity is to rise to 200 million cubic meters per day by March 19, 2016.
 




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