Iran plans to invest $14 billion in the Persian Gulf oil fields to increase its oil production of this region, an informed official has announced on Monday.
In an interview with the economic correspondent of Fars news agency, an informed official said that “to increase its oil output, Iran plans to invest $14 billion for the development of the Persian Gulf oil fields, most of them are among joint fields.”
This volume of investment will be allocated to developing the fields of Farzad B, Soroush, Alfa, and Tosan, as well as constructing a number of oil storage facilities, the source said.
The official affirmed that once the investments are made, Iran’s total crude oil production of the Persian Gulf oil fields, which is now about 1.34 million barrels per day, will increase compared to that of its neighbors.
The report indicates that Iran shares Farzad B, and Esfandiar fields with Saudi Arabia, and Tosan field with the United Arab Emirates in the Persian Gulf.