Source: Mehr News Agency, Tehran
Iran's National Development Fund (NDF) has allocated $1.5 billion for developing the country's oilfields in the Persian Gulf, Iranian Offshore Oil Company Managing Director Mahmoud Zirakchianzadeh said on Tuesday. The money will be spent on developing a number of fields, such as the Esfandyar field, he added.
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According to an Iranian law, 37.5 percent of oil revenue is deposited into the NDF and is then channeled into the development of oil and gas fields and 62.5 percent of oil revenue is allocated for national budget expenditures.
Iran has announced that it will implement 11 plans by the Iranian calendar month of Mordad 1392 (July 22-August 22, 2013) with the goal of boosting oil production by 175,000 barrels per day.
Once all the phases of the development plans are implemented, output will be increased by another 500,000 barrels per day.
Oil Minister Rostam Qasemi has said that the country's oil output is projected to increase by 1.5 million barrels per day by 2016.
In July, Qasemi announced that new oil reserves of up to 6 billion barrels have been discovered in southwestern Iran.
The reserves are located around the Yadavaran oilfield in Khuzestan Province.
With the new oil discovery, Iran's recoverable oil reserves stand at about 160 billion barrels.
Iran has the world's fourth-largest reserves of recoverable oil, after Venezuela, Saudi Arabia, and Canada.
With 34 trillion cubic meters of natural gas reserves, Iran has the world's second-largest natural gas reserves after Russia.
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