Iran's offshore oil company raising gas

Zirakchianzadeh told Shana a number of oil and gas contracts would be signed this year to increase production. He said the company had focused its activities on boosting oil and gas production on the one hand and maximizing productivity by attracting new investments on the other hand. According to Zirakchianzadeh, combined production of NIOOC will rise by 4 percent this year. He said 25 billion dollars projects were underway in areas covered by the company, the lion's share of them by Iranian companies. "Domestic banks and financial institutions' participation in the company's upstream projects has facilitated development of the projects," the official noted, adding that Bank Mellat, Bank Tejarat and Bank Saderat were the main investors. Stating that in near future 10.000 billion rial bonds will be issued for development of NIOOC's projects, the official added there was the possibility to increase NIOOC's oil and gas production through people's participation. Zirakchianzadeh went on to say that enhancing recovery was one of the company's main programs, adding the company has conducted three dimensional seismic operations in all Bahregan region's fields and at the same time is involved in preparing Master Development Plans of the Soroush, Norouz, Bahregansar, Hendijan and Mahshahr. NIOOC will act as pivot for fifth and sixth five year economic development plans by raising oil production by 30 percent and increasing gas production to 11 billion cubic meters per day, equivalent of 11 phases of South Pars gas field.