TEHRAN – Managing Director of the Iranian Offshore Oil Company (IOOC) said his company has been saving 300 million euros in its annual expenses since 2016 through structural modifications and regulations, Shana reported.

According to IOOC, Hamid Bovard said the savings were made in various sectors like drilling, technical services, barges, etc.

“In the past two years, we have seriously cut costs in various sectors including the costs of barges by 35 percent, and technical services by 40 percent,” he said.

Bovard said that IOOC had undergone structural modifications and regulations over the period, which had led to savings in the company’s expenses.

As an example, the company has launched a CMMS (Computerized Maintenance Management System) which has been a valuable step in this regard, he added.

The official further added that the company would launch a number of major projects by March 2020 including installation of S1 Platform of the Salman offshore field and Platforms of 7 and 8 of Hendijan Field.

According to Bovard, inauguration of Qeshm Power Plant is also on IOOC’s agenda during the current calendar year.

Back in May, the official voiced his company’s readiness for establishing joint ventures with private manufacturers.

“Given the fact that the reservoirs operated by IOOC were mostly in their second half of their lifespan, new research projects needed to be carried out to separate oil from water in the produced oil,” Bovard said on the sidelines of a visit to a knowledge-based private company called Fan Nirou Co. 

IOOC is one of the world's largest offshore oil producing companies, with over a half century of experience. 

The main operation area of Iranian Offshore Oil Company is the Persian Gulf where four other oil producing countries are located in the other side. 

EF/MA