Iran is looking for more than £9billion of investment in its newly discovered oil fields – as it battles to prevent corrosion in its structures.
The country is banking on its latest high-quality Arabian Gulf finds to help the troubled Iranian economy.
Iran is looking to end crippling economic sanctions over its nuclear programme, and has been in negotiations with Russia over an oil for goods deal to improve imports into the Middle East state.
Saeed Hafezi, managing director of Iran’s Offshore Oil Company, said the development of new fields found in the Gulf had the potential to attract $15billion (£9.1billion) in new investment.
“Thanks to the desirable quality of the crude oil extracted from Persian Gulf oilfields, there will be customers for an increase in oil production,” he told Iranian news agency Shana.
But he said that, while some fields such as Kharg Island were producing well – at around 200,000 barrels of oil equivalent per day – IOOC feared as many as 150 oil structures in Iranian waters faced corrosion and wear without further maintenance.
The company is looking to enhanced recovery techniques to access more oil from its resources, with more than 400,000 barrels of water being injected into oil fields to increase flow, Hafezi added.
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