Iran plans to boost oil production

The Islamic Republic of Iran is set to increase its oil production up to 25,000 barrels per day by drilling eight new rigs in the Persian Gulf.

Hamid Reza Karimi of the Iranian Offshore Oil Company (IOOC) announced on Thursday that the new expansion plan will be implemented in Hendijan oilfield.

“According to our defined timing, installation of marine rigs will be finished within the next 10 days,” Karimi said.

The National Iranian Offshore Oil Company (NIOC) says that it is focusing on the Soroush, Norouz, Hendijan, Bahregansar, and Mahshar oilfields.

All the oilfields are located in southwestern Iran close to Bushehr province, where oil production started in the 1940s.

Currently, Bahregansar, Hendijan, Norouz, and Soroush fields produce over 235,000 barrels of oils per day.

NIOC’s managing director Mahmoud Zirkachianzade announced earlier this month that the company plans to develop 18 oil and gas fields in Iran’s Persian Gulf territorial waters.