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EghtesadOnline: Managing Director of Iranian Offshore Oil Company (IOOC) Hamid Board on Tuesday unveiled a plan to increase oil output next year by 30,000 bpd at the early stage and 60,000 bpd ultimately.

The company was established in 1981 with aim to manage oil and gas fields located in the Persian Gulf.

These fields have around 100 billion barrels oil and 189 trillion cubic foot gas reserves, IRNA reported.

Board said that development activities are underway in a number of fields including Salman Nafti and Forouzan and preparatory works to increase output in the fields of Doroud and Abuzar.

He said that the company carries out necessary activities to maintain production level as well.

He underlined necessity for renovation and reconstruction of the ageing installations to maintain production level, urging necessary credits to fulfill the task.

Persian Gulf Iran oil Hamid Board