Iran earmarks USD1.5b to develop oilfields 

(MENAFN) Iranian Offshore Oil Company's Managing Director, Mahmoud Zirakchianzadeh, stated that the country's National Development Fund (NDF) has earmarked USD1.5 billion to develop and expand oilfields in the Persian Gulf, reported Tehran Times.

The Iranian law says that 37.5 percent of the country's oil revenue must be deposited into the fund to be used to develop oil and gas fields, whereas the remaining 62.5 percent of oil revenue is allotted for national budget spending.

The Islamic Republic plans to boost its oil production by 175,000 barrels per day (bpd) by August 2013, through executing 11 plans to develop its oil sector.

According to Iranian Oil Minister, Rostam Qasemi, by 2016, the Islamic Republic will see its oil output rising by 1.5 million bpd.

It is worth noting that Iran's recoverable oil reserves stand at nearly 160 billion barrels, ranking the country as the fourth-largest holder of recoverable oil reserves in the world.