Iran aims to expand offshore production

June 13, 2012 at 8:06 AM

TEHRAN, June 13 (UPI) -- An Iranian energy official announced plans to increase oil production at 10 of its oil fields in the Persian Gulf.

Jalal Mousavi, director of technology at the National Iranian Offshore Oil Co., said plans are under way to increase oil production offshore.

He said the Soroush and Norouz fields, two of the largest fields in the development plan, hold 7.5 billion and 1.9 billion barrels of in-place reserves, the semiofficial Fars News Agency reports.

He didn't indicate an investment plan or specify by how much production would increase.

The U.S. government this week announced seven countries planned to significantly cut the amount of crude oil imported from Iran, bringing the number of countries to do so this year to 18.

The U.S. and European governments have targeted Iran's energy sector with sanctions in response to Iran's nuclear program, which Tehran maintains is peaceful.

Iranian Economy Minister Shamseddin Hosseini said that, despite the sanctions pressure, Iran's gross domestic product has doubled in the last five years.

"Due to the Islamic republic of Iran's economic capacities we have been able to move through the sanctions and will do the same in future as well," he was quoted by FNA as saying.

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