National Iranian Oil Company (NIOC) has approved a $7 billion package for investment in three oil and gas fields, the head of Iran’s Offshore Oil Company (IOOC) said.
Saeed Hafezei said the investments are to be made in Resalat and Reshadat oil fields and Salman gas field.
All these fields are located 18 kilometers from Iran’s Persian Gulf coasts on Lavan Island. The island is currently offering 105,000 b/d of oil.
IOOC, which accounts for the bulk of Iran’s offshore oil production, operates reservoirs in five regions.