LOC14:52
11:52 GMT
TEHRAN, Aug 14 (KUNA) -- Iran seeks to double its oil output as it intends to produce some 5.7 million barrels per day, an Iranian official said Friday.
The cost of excavation is between 8 to 10 dollars per barrel, Mehdi Hosseini, chairman of Iran's oil contracts restructuring committee, told Bloomberg TV in an interview aired today.
Iran will present 45 oil and gas projects during a London conference scheduled for next month, he said. The offer will be extended to international companies only after the Western sanctions are lifted, he added.
The Iranian official noted that his country will give international companies a three-month grace period to consider participating in these projects.
When the sanctions are lifted, Tehran wants to increase its oil output to about 15 percent of the Organization of Petroleum Exporting Countries' (OPEC) production, or more than 4 million barrels a day, he said.
On July 14, Iran and the six world powers reached a nuclear agreement in Vienna that limits Tehran's activities in exchange for lifting international sanctions imposed on the country. (end)
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