Iran to Boost Nargesi Output by 120 Million Barrels: IRNA

(Corrects production period in first paragraph.)

Iran will boost oil production at the Nargesi field by 120 million barrels by injecting gas into underground crude deposits to enhance recovery, the official Islamic Republic News Agency reported.

The project will cost $33 million, said the National Iranian South Oil Co., an affiliate of state-owned National Iranian Oil Co., according to IRNA. The report didn’t specify current output levels at the field 30 kilometers (19 miles) north of Borazjan in southern Bushehr province.

Iran pumped 2.75 million barrels a day in August, 350,000 barrels a day less than in July, according to data compiled by Bloomberg. The Persian Gulf country’s oil output is slipping amid international sanctions on its energy and financial industries. The U.S. and its allies accuse Iran of trying to develop nuclear-weapons technology. Iran says its atomic program is for civilian purposes.

To contact the reporter on this story: Yeganeh Salehi in Tehran at yalehi@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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