TEHRAN, Iran, July 28. Iranian government has approved to increase the development of oil and gas fields, said Iranian Oil Minister Javad Owji, Trend reports citing Mehr News Agency.
The administration has promised to attract foreign and domestic investments in this regard, Owji said.
He pointed out that Iran's Ministry of Oil has signed $14 billion worth of contracts and memorandums of understanding to develop oil and gas fields including a contract with Russia.
Iran has invested $7 billion in development of Azadeghan oilfield (shared with Iraq), he said, adding that six banks and six holdings have backed up the project.
"So far 190,000 barrels of oil per day are being produced from this oil field and would increase to 570,000 bpd in coming years," he noted.