Iranian firms ink $1b deal to develop Mansouri oilfield

TEHRAN,May 2(MNA) - Two Iranian companies signed a deal, worth around $1 billion, to develop the Masouri oilfield, located about 60 kilometers north of the Persian Gulf and near the southwestern city of Ahvaz. Matn and Energy Tadbir inked the deal in Tehran on Tuesday. According to the deal, the oilfield’s output will be boosted to 150,000 barrels per day (bpd) from 100,000 bpd. The deal aims to increase output by 20,000 bpd within 24 months, the report said, adding that the figure will reach 150,000 bpd within 48 months. The field’s gas output will also hit 22.5 million cubic feet per day. Iranian Oil Minister Rostam Qasemi has said that at least 30 billion dollars will be invested in Iran’s oil industry this year and lion’s share of it will be allocated to the South Pars gas field projects. Qasemi said on April 1 that the oil industry would face fewer problems this year due to support from the president and other officials stating it is expected the oil industry to rely increasingly on domestic capabilities. The minister said that by using banks, energy funds and oil bonds, the oil industry would be able to meet this year’s targets. Iran ranks fourth worldwide in terms of recoverable oil reserves, with 155 billion barrels, after Venezuela, Saudi Arabia and Canada.