TEHRAN, Iran – National Iranian Offshore Oil Co. (NIOOC) expects oil output from the Forouzan field in the Persian Gulf to rise by 20% over the next 14 months.
The field is shared between Iran and Saudi Arabia. Exploration and production activities started more than 40 years ago, under international law regulations.
NIOOC’s Managing Director Mahmoud Zirakchianzadeh told Iranian news service Shana that a development plan for the Esfandiar oil field is nearing completion, with a contract set to be signed some time next month.
In the South Pars field in the Persian Gulf, gas extraction from Phases 17 and 18 should start this June, according to Pars Oil and Gas Co. Managing Director Mousa Souri. Full output should be reached in October.