Iran Plans to Double Output Through 45 Target Oil and Gas Projects

- August 13th, 2015

Bloomberg reported that in a bid to double its crude output, Iran will show international companies 45 oil and gas projects at a conference in London in December, when new oil contract models will be discussion prior to exploration auctions.

Bloomberg reported that in a bid to double its crude output, Iran will show international companies 45 oil and gas projects at a conference in London in December, when new oil contract models will be discussion prior to exploration auctions.
As quoted in the market news:

The projects, including oil and gas exploration, will be discussed along with details of a new oil contract model at the Dec. 14-16 conference, Mehdi Hosseini, chairman of Iran’s oil contracts restructuring committee, said in an interview in Tehran. Iran hopes to boost crude production to 5.7 million barrels a day, he said.
The Persian Gulf nation’s output was 2.85 million barrels a day in July, according to estimates compiled by Bloomberg. Oil producers such as BP Plc and Royal Dutch Shell Plc have expressed interest in developing Iran’s reserves, the world’s fourth-biggest, when sanctions are removed following last month’s nuclear agreement with world powers.
“We will define projects in the oil and gas sector as much as feasible and necessary since we believe this sector will bring wealth and economic development,” Hosseini said. “As far as this conference is concerned, we have defined around 45 projects which include exploratory blocs at varying development costs.”
Iran may give companies two to three months to decide whether to bid on the projects, he said. “The exact length will be decided by the time of the conference.” Shortly after that, Iran will call for bids, he said.

Click here to read the full Bloomberg report.

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