NIOC commits $7 billion to Persian Gulf fields

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 the Resalat 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

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...