Iranian Offshore Oil Company (IOOC) invests $3 billion on zero-flaring projects with capacity to gather 143 million cubic feet of associated gasses.
Mahmoud Zirakchianzadeh, managing director of the IOOC announced that 590 million dollars was spent on the project which has delivered 40 million cubic feet of gas to Kish Island’s power plant, the equivalent of 7 million barrels of gas oil worth $700 million.
Zirakchianzadeh also said that more than 75% of needed equipment and items used in the project were manufactured domestically adding all the phases of construction and installation carried out by Iranian experts.
The IOOC was also involved in another large NGL project on Khard island, the project is expected to be complete by March 2014. The project will include both on- and offshore parts. In the offshore sector, the company could transfer almost 9 million cubic meters of associated gases from Noroz and Sorosh oil fields to Kharg island’s power plant and replace its gasoil consumption with gas, said Zirakchianzadeh.
IOOC has begun seismic operations and is providing a master development plan (MDF) in five shared hydrocarbon fields in the Persian Gulf including Nosrat, Reshadat, Sater, Farzam and North Saleh said the managing director. He also added that the IOCC has closed contracts worth $28 billion for the development of shared oil and gas fields in the Persian Gulf.
