Touraj Dehqani said at the Iran Oil and Gas Show that the output target would be reached after the completion of processing facilities at the field located in western Iran.

He said that the field's output exceeded 100,000 b/d last year, adding that the figure would reach 180,000 b/d this year.

"For Phase 1 of this field, which is forecast to produce 320,000 b/d, 70 wells have been drilled while a total of 200 wells are needed," said Dehqani. He added that $3.7 billion would be needed for the completion of Phase 1. 

He said that the National Iranian Oil Company (NIOC) was in no hurry to sign an agreement for Phase 2 of the field development.