The Iranian Offshore Oil Company (IOOC) is tapping into the National Development Fund (NDF) to secure financing for its upstream projects. NDF is to provide IOOC with $1.5bn through to August 2013 to help it boost production by 175,000 b/d, IOOC Managing Director, Mahmoud Zirakchianzadeh, told the Shana news agency. NEF is a special account dedicated to energy projects into which 37.5% of Iran’s annual oil revenues are deposited.

IOOC will use up to $900mn from NDF to finance production increases at the Farzad A and B, Soroush, Esfandyar, Tossan, and Alfa fields. In early November the National Iranian Oil Company (NIOC) subsidiary signed a $1.2bn agreement with domestic contractors to increase Soroush’s production to 115,000 b/d over a period of 36 months. Soroush is estimated to contain around 585mn barrels of extractable reserves. (CONTINUED - 276 WORDS)