News and Events

The entities in charge of offshore oil industry in Iran are making their best to prevent a fall-off in oil production through maximum efficient recovery from oil and gas fields, particularly joint fields, despite tough US sanctions. Over the past two years, IOOC has preserved production levels against the backdrop of the US sanctions following its 2018 withdrawal from the Joint Comprehensive Plan of Action (JCPOA). The US sanctions are still effective; however, oil production companies in Iran have effectively managed such conditions.

IOOC holds nearly 100 billion barrels of oil and 180 tcf of gas in place. With a crude oil storage capacity of more than 27 million barrels, IOOC is the leading company in offshore oil production in the Persian Gulf.

Last calendar year, IOOC saw its production capacity double. The company was 117% ahead of plans. During the first half of the calendar year, more than 32 drilling operations were concluded.

IOOC owns a full crude oil exploration, production and export chain. It may be the only oil production company in the country to handle crude oil exploration for export by relying on its own capabilities which include 202 offshore platforms and structures (29 big production platforms), 13 onshore plants, two single-point moorings, three oil export jetties, one jetty for exporting gas products, a modern and giant floating terminal in the Persian Gulf with a storage capacity of over 2.2 mb/d of crude oil, and several thousand kilometers of crude oil pipeline.

IOOC supplies oil with various quality levels, ranging from the API gravity of 19 in the Soroush/Norouz fields to 45 in the Hengam field. The result of this wide range of oil production is the supply of six various classes of oil for export, out of a total eight. IOOC has attracted a board spectrum of buyers.

Last calendar year, new agreements were finalized for studying reservoirs. Significant steps were taken for first-time recovery and hiring knowledge-based companies.

Renovation

Installation of Platform S1 in Salman field, renovation and temporary delivery of Platform Nasr 2, continued renovation of Platforms Nasr 1 and Nasr 3 simultaneously, renovation of four K-class platforms in the Doroud field in the structure, pipe-laying and painting sectors have been under way. Meanwhile, with efforts made by Iranian experts and specialists, Platforms 07 and 08 of the Hendijan field have been installed over recent months in their locations in the Persian Gulf. These platforms would enhance the production capacity of the Bahregan center administered by IOOC.

Installation of a new 680-tonne residential platform in the Forouzan field is another IOOC measure. This residential platform, measuring 20 meters long and 14 meters wide, is a four-storey platform. That would furnish appropriate facilities for the staff on the production platform of the Forouzan field. By next March, platforms A20 and A21 of the Abuzar field would have been installed.

Environmental Activities

IOOC feels compelled to complying oil production activities with international conventions and protocols on the environment, maximum efficient recovery of oil and gas, enhanced recovery, improving production methods and preventing associated gas flaring. It has made valuable efforts during years of activity. It has reduced waste release in compliance with the Kuwait protocol, launched a giant gas gathering facility in the fields located in the Kharg, Bahregan and Siri areas.

With the commissioning of the 140 mcf/d Siri NGL project, as a major environmental project in the petroleum industry, gas flaring at IOOC-run fields would be reduced to zero, several thousand tonnes of pollutants would no longer be realized into the Persian Gulf, a variety of gas products including propane, butane, pentane and gas condensate valued at millions of dollars would be produced.

Since 2006, the Kish Power Plant has been fed with 25 mcf/d of gas supplied by the Kish operation zone and associated gas supplied from the fields located in the Siri zone. These measures have prevented the flaring of billions of cubic feet of gas and environmental pollution in addition to saving more than 266 million liters a year of gasoil in the island, thereby playing an instrumental role in the prosperity and blossoming of this coral island of the Persian Gulf. Meanwhile, IOOC’s gas delivery to the Kharg Petrochemical Plant stands at 140 mcf/d, which is converted into valuable products.

Regarding activities carried out in the HSE sector, Lavan F&G, Siri F&G and Salman Platform H2S system are cases in point.