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Iranian Offshore Oil Company says able to draw $20B investment in one year

09 April 2015 [11:30] - TODAY.AZ
Iranian Offshore Oil Company (IOOC) CEO Said Hafezi has said that the company has the opportunity to attract $20 billion worth of investment for its projects in the current Iranian fiscal year (to end March 20, 2016).

He added that IOOC will hold 2 tenders on repairing 40 old wells and drilling 15 new ones in the EPDF format, SHANA news agency reported April 8.

These tenders are being drafted and domestic contractors will be able to place their bids on them, he said.

He also hoped that as nuclear sanctions on Iran are to be lifted, the company will find its frozen assets available to use.

Iran expects to strike a comprehensive nuclear deal with the group 5+1 (the US, UK, France, Russia, China, and Germany) in July 1. Following the deal, international sanctions on the country’s economy will be lifted and huge sums of Iranian oil money frozen in different countries will be freed.

Hafezi said April 5 that 2 new platforms will be commissioned at Forouzan oil field in the current Iranian fiscal year.

Iran needs about $30 billion per year to maintain its oil output and for development of oil projects.

Decline in investments has lead to delay and halt in the development projects of the oil industry.

Holding 157 billion barrels of recoverable crude oil reserves, Iran possesses the world’s fourth largest reserves of crude oil.

/By Trend/


URL: http://www.today.az/news/regions/139719.html

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