NIOC commits $7 billion to Persian Gulf fields

TEHRAN, Iran – National Iranian Oil Company (NIOC) has approved $7 billion of investments in three oil and gas fields in the Persian Gulf.

NIOC head Saeed Hafezei told the sums will be directed at the Resalat and Reshadat oil fields and the Salman gas field, all 18 km (11 mi) offshore Lavan Island. The island currently handles production of 105,000 b/d of oil.

Iranian Offshore Oil Co. operates most of Iran’s offshore oil output.

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