Iranian Offshore Oil Company

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"IOOC" redirects here. For the body formerly known as the International Olive Oil Council (IOOC), see International Olive Council.

The Iranian Offshore Oil Company (IOOC) is a subsidiary of the National Iranian Oil Company. IOOC, an independent legal entity, is based in Tehran and operates in southern Iran. Its activities cover important areas of the Persian Gulf and its main operations are in Bushehr Province and on Kharg Island, Sirri Island and Lavan Island.[1]

History[edit]

After Iranian Revolution, all partnership contracts with aforementioned companies were abolished, and a year later, the Iranian Offshore Oil Company (IOOC) was established by combining those companies. The objective underlying establishment of IOOC was to achieve an optimized production as well as to safeguard oil and gas reservoirs in the Persian Gulf area, along with an increase in the production rate and prevention of oil and gas migration in the common fields.

During the Iraq-Iran War, the IOOC suffered considerable damages to offshore and onshore facilities.

In 2012, IOOC signed a contract worth $6.6 billion, with Iran’s power projects management company (MAPNA) for developing the Forouz B gas field in the Persian Gulf and generating electricity from the produced natural gas.[2]

In early 2015, IOOC acquired the "world’s largest oil tanker" with a capacity of 2.2 million barrels of crude oil. It is named "Persian Gulf".[3] South Korea’s Samsung started building this floating storage unit (FSU) in 2008 and finished it at a cost of about $300 million.[4]

References[edit]

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