Producing oil company Iranian Offshore Oil Company (IOOC) announced that they have increased crude production at the Salman oilfield located in the Persian Gulf.

Iran boosts production at Salman oilfield

Iran

TEHRAN, August 5, 2015 – The Iranian Offshore Oil Company (IOOC) has increased crude production by 7,000 barrels per day at the Salman oilfield, the National Iranian Oil Company subsidiary announced Wednesday.

This rise in output follows the company’s initiative to repair inactive wells and the completion of the fifth new well in its current development programme. Three rigs are drilling in the Salman field, located in the Persian Gulf.

In its statement, IOOC said it was attempting to expand its production to oil and gasfields shared with neighbouring countries in the Arabian Gulf. Located near the island of Lavan, the Salman oilfield has an estimated 4.5 billion barrels of in-place reserves with 1.6 billion barrels of recoverable resources.

After reaching a deal to lift sanctions levied against Iran that have crippled its economy, the government announced in May that it would amend oil contracts to attract further foreign investment to the country’s hydrocarbons industry.