Oil well drilling to mount in Persian Gulf

News ID: 3051897 -
TEHRAN, Feb. 14 (MNA) – IOOC managing director has announced that drilling and overhaul of Iranian oil wells will surge in the Persian Gulf.

Managing Director of the Iranian Offshore Oil Company (IOOC) Saeid Hafezi enumerated the three key policies pursued by his company in the post-JCPOA period as increase in production capacity, maintaininance of current level of production in the Persian Gulf as well as implementation of resistive economy especially with regard to management of financial and credit resources.

Hafezi stressed that resumption of oil production from old wells particularly with secondary production projects in the Persian Gulf remains as the most important retention strategy; “accordingly, a two-year comprehensive plan has been placed on the agenda for drilling and repair of oil wells in the area.”

“The produced oil in the Persian gulf has numerous costumers in the world market,” highlighted the official noting “even during the sanction years, the area experienced the least amount of obligatory decline and increased production remains as one of the strategic policies.”

“The oil produced by IOOC possesses its own special costumers as the first and highest-amount oil in Iran’s crude basket,” stressed Hafezi.

He pointed to funding limitations due to falling oil prices stating “therefore, in view of the reduction of credit, the implementation of resistive economy policies have become more noteworthy than any other era at IOOC as Iran's biggest oil company operating in the Persian Gulf region.”

 

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