Oil fields open for bids, Iran says

TEHRAN, Aug. 5 (UPI) -- Iran said Tuesday it hopes to lure foreign investors to its oil fields as part of a five-year economic plan to increase output to 5.3 million barrels per day.

National Iranian Oil Co. chief Seifollah Jashnsaz said several of its oil and gas fields are open for development following several new discoveries during the past few years, the Iranian Press TV said.

Mahoud Mohaddes, the exploration director for the state-run oil firm, said Monday Iran uncovered four new oil fields this year, with estimated combined reserves of nearly 3.7 billion barrels.

Iranian officials in July said the Islamic Republic plans to increase its production capacity to around 5.3 million barrels per day from the current 4.3 million barrels by the end of its five-year economic plan.

The tender is viewed as part of a broader economic agenda in the midst of harsh economic sanctions.