Iran approves USD15b plan to develop oilfields
(MENAFN) The Economy Council of Iran, chaired by First Vice President, has approved a comprehensive plan to develop joint oilfields at a cost of USD15 billion, Tehran Times reported.
The development plan, which will be implemented over the course of the upcoming four years, is aimed to produce 550,000 barrels of oil per day from the joint fields.
Iran, with 157 billion barrels of proven oil reserves, holds the world's fourth-biggest oil deposits. The country plans to increase crude oil output to 5.7 million barrels per day by 2018.
The development plan, which will be implemented over the course of the upcoming four years, is aimed to produce 550,000 barrels of oil per day from the joint fields.
Iran, with 157 billion barrels of proven oil reserves, holds the world's fourth-biggest oil deposits. The country plans to increase crude oil output to 5.7 million barrels per day by 2018.
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