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    National Iranian Oil Company to Earmark $14 Bn For Development of Joint Oil, Gas Fields

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Summary

National Iranian Oil Company (NIOC) is earmarking $14 billion for the development of oil and gas fields Iran shares with neighboring countries.

by: shardul

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Asia/Oceania

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National Iranian Oil Company to Earmark $14 Bn For Development of Joint Oil, Gas Fields

National Iranian Oil Company (NIOC) is earmarking $14 billion for the development of oil and gas fields Iran shares with neighboring countries, reports Shana news agency.

The funds would be used enhance output, logistics, development of oil and gas reservoirs and hydrocarbon exploration in the current year to March 2015.

Moshtaq-Ali Gohari, a top official in NIOC, said the National Iranian South Oil Company (NISOC), Iranian Offshore Oil Company (IOOC) and Arvandan Oil and Gas Production Company will be allocated around $3.75 billion while Pars Oil and Gas Company (POGC) and Petroleum and Engineering Development Company (PEDEC) will be allotted $13.9 billion, adds Shana. 

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