History
After Iranian Revolution, all partnership contracts with aforementioned companies were abolished, and a year later, the Iranian Offshore Oil Company (IOOC) was established by combining those companies. The objective underlying establishment of IOOC was to achieve an optimized production as well as to safeguard oil and gas reservoirs in the Persian Gulf area, along with an increase in the production rate and prevention of oil and gas migration in the common fields.
During the Iraq-Iran War, the IOOC suffered considerable damages to offshore and onshore facilities.
In 2012, IOOC signed a contract worth $6.6 billion, with Iran’s power projects management company (MAPNA) for developing the Forouz B gas field in the Persian Gulf and generating electricity from the produced natural gas.
Read more about this topic: Iranian Offshore Oil Company
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