BAKU, Azerbaijan, May 13. A total of 36 million euros will be spent, according to the contract signed by the Iranian Offshore Oil Company (IOOC) for the first time to produce equipment domestically, the IOOC CEO Ahmadreza Rasti told reporters, Trend reports.
According to him, the Offshore Oil Company has signed two contracts with two local startup companies. Within the framework of these contracts, six to nine megawatt turbines, which are most often used on oil platforms, and a system for measuring hydrocarbons coming from oil wells will be produced domestically for the first time.
Rasti added that, in addition, several documents of understanding worth four trillion rials (about $7.07 million) have been signed with local startup companies.
“The Offshore Oil Company, which operates in the field of oil and gas production in the Persian Gulf, is trying to further expand its activities by attracting investment,” he added.
To note, the area under the jurisdiction of the IOOC spans over 1,800 square kilometers. The company's oil fields contain 96 million barrels of crude oil, 16 million barrels of which can be extracted. Its gas fields contain 180 billion cubic meters of gas, more than 120 billion cubic meters of which can be extracted. The company has produced 11 billion cubic meters of gas as of August 30, 2022.
Iran's total hydrocarbon reserves are 1.2 trillion barrels. Iran can extract 340 billion barrels of it with its existing technological equipment. Iran can use about 30 percent, and 70 percent remains unused underground.
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