Iran plans to boost output at joint oilfield with Saudi Arabia

[ via Tehran Times ] 1 Jan

Iran plans to increase production at the Forouzan oilfield, which is shared with Saudi Arabia, by 40 percent by the end of the next calendar year (March 20, 2013), Iran Offshore Oil Company (IOOC) managing director said.

“Some 100 kilometers seabed pipeline has been laid and related platform will be installed in the middle of the next year,” Mahmoud Zirakchianzadeh added. 

Forouzan development plan is aimed at extracting 300 million barrels of oil in a 25-year period.

Read more: Tehran Times 

Posted in: Iran, Market, Oil, Saudi Arabia