IOOC Oil Output Reaches Record High

IOOC Oil Output Reaches Record HighIOOC Oil Output Reaches Record High

Iranian Offshore Oil Company extracted over 144 million barrels of oil from oilfields that are mainly located on the Iranian side of the Persian Gulf and Oman Sea in the last Iranian year (ended March 20, 2015), IOOC's managing director said on Saturday.

“The surge in production can translate into a major achievement as it means the company has succeeded in developing 97.2% of its strategic economic plans,” Saeed Hafezi was also quoted as saying by ISNA.

Stressing that IOOC mainly specializes in offshore operations, the official added that the new record indicates the enterprise is thriving economically.

According to the official, the implementation of enhanced oil recovery methods in the oilfields has been on the IOOC agenda for a long time.

"International companies have commenced technical negotiations with IOOC after the implementation of Iran's nuclear accord with the world powers," he said.

"IOOC oilfields' high capacity cannot be fully developed unless enough investment is attracted and the much-needed knowhow is acquired by cooperating with enterprises that are willing to transfer their state-of-the-art technology to Iran."

IOOC is one of the world's largest offshore oil production companies, with over a half a century of experience. The company shares one-third of Iranian oil export.

Asked about Iran’s in-place crude oil reserves in the Persian Gulf, Hafezi said they have reached 100 billion barrels according to estimates and the latest data show recoverable oil reserves stand at 16 billion barrels in the Persian Gulf.