IOOC welcomes private sector participation in offshore projects

SHANA — The Iranian Offshore Oil Company (IOOC) CEO said that his company had already outsourced 60 percent of its operations to the private sector and would welcome their partnership in future projects.

Addressing press conference on the sidelines of the 24th Iran Oil Show, Hamid Bovard said his company enjoyed the largest offshore fleet in Iran and provided full services to upstream projects.

He said the company operated fields with over 100 billion barrels of oil in place and ran 200 marine structures.

Bovard also stated that IOOC had realized its production goals fully and was also exporting crude oil cargoes directly.

Furthermore, he said that the sanctions had not impacted the company’s production and exports and that it had even enhanced production in recent months.

Elsewhere in the press conference, the IOOC chief said the comapny was considering several project packages with an investment of over 1.5 billion dollars.