The Iranian Offshore Oil Company (IOOC) is currently implementing US$2.6 billion worth of projects expected to boost Iran’s offshore oil production by 85,000 barrels per day (bpd), Iranian media reported on Monday. The Iranian state-held offshore oil firm has awarded various projects to Iranian service contractors, Alireza Salman-Zadeh, the head of IOOC, said. The contracts include work on drilling, completion, and repair of 40 wells, as well as the construction and installation of wellhead equipment and five offshore platforms. Work is being done to boost oil production at the Siri field in the Persian Gulf under a contract with an Iranian company, Salman-Zadeh said. Considering that Iran’s oil, shipping, and financial industries are under strict U.S. sanctions, Iran’s efforts to keep or increase its offshore oil production can be done only in contracts with domestic firms right now, because foreign firms fled Iran after the U.S. slapped back sanctions […]