(MENAFN) The Iranian Offshore Oil Company's (IOOC) managing director, Mahmoud Zirakchianzadeh, announced that by the end of the current Iranian calendar year, the firm would ink USD14 billion worth of agreements, reported Tehran Times.
Zirakchianzadeh said that the contracts include the development of Farzad A & B, Soroush, Esfandyar, Tossan, and Alfa fields, adding that during the last calendar year, the company signed USD6 billion worth of deals to develop offshore oilfields.
On the other hand, Oil Minister, Rostam Qasemi, noted that Iran's oil industry's infrastructure requires over USD41 billion of investments to achieve objectives of the 20-Year Outlook Plan, which ends in 2025.
It is worth noting that the Islamic Republic is the world's second biggest holder of natural gas reserves after Russia.
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