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Oil production by Iranian Offshore Oil Company to hit 1m bpd

TEHRAN, June 19 (Mehr News Agency) -- Oil production by the Iranian Offshore Oil Company (IOOC) will hit one million barrels per day (bpd).

The oil produced by the IOOC is expected to boost from the current 800,000 bpd to one million bpd by the end of the nation's Fourth Five-Year Socioeconomic Development Plan, said on Monday the Majlis Energy Commission rapporteur, Abdolmajid Shoja'.

Also, along with the officials from the IOOC, a number of the managers of the Iranian Offshore Engineering and Construction Company (IOEC) attended the commission session on Monday to give report of their projects in India, the lawmaker also noted.

The company officials also commented on the problems the IOEC was facing, most important of which were related to the investment shortages and lack of the drilling derricks required for their projects' development, the Persian service of Fars News Agency reported.

... Payvand News - 6/19/06 ... --

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