$1 billion deal signed to develop Mansouri oilfield

Two Iranian companies signed a deal worth around $1 billion, to develop the Masouri oilfield which is located about 60 kilometres north of the Persian Gulf and near the south-western city of Ahvaz.

Matn and Energy Tadbir signed the deal in Tehran on Tuesday, Fars News Agency reported.

According to the deal, the oilfield's output will be boosted to 150,000 barrels per day (bpd) from 100,000 bpd.

The contract has envisaged increasing output by 20,000 bpd within two years the report said adding that the figure will reach 150,000 bpd within four years. The field's gas output will also hit 22.5 million cubic feet per day.

Oil Minister Rostam Qasemi has said that at least 30 billion dollars will be invested in Iran's oil industry this year and the lion's share will be allocated to the South Pars gas field projects.

Qasemi said on April 1 the oil industry would face fewer problems this year due to support from the president and other officials stating it is expected to rely increasingly on domestic capabilities.

The minister added that getting help from bank resources, energy funds and oil bonds were among the oil industry plans for advancement of current year's oil industry targets.

Iran ranks the fourth worldwide with 155 billion barrels of recoverable oil reserves, next to Venezuela, Saud Arabia and Canada.

/Trend/