Iran’s offshore oil production steady: IOOC

May 5, 2019

TEHRAN – The managing director of Iranian Offshore Oil Company (IOOC) said the country’s offshore oil production hasn’t experienced any reduction and some of the May cargoes have been loaded to be shipped, Bloomberg reported.

“The latest batch of crude was loaded three days ago.” Hamid Bovard said at a press conference, without elaborating on the volume or the destination. 

“Exports are underway as planned”, he added.

U.S. President Donald Trump unilaterally pulled Washington out of the nuclear deal in May 2018 and ordered reimposition of sanctions against Iran. The first round of sanctions went into force on August 6 and the second round, which targets Iran’s oil exports and banks, were snapped back on November 4.

Also, on April 22, the U.S. announced that Washington has decided not to extend waivers allowing major importers to continue buying oil from Iran. The waivers ended on May 2.

According to the official, more than 130 million barrels of oil were exported from Iran’s offshore fields in the fiscal year that ended March 20.

A tender to raise production at the Forouzan oil field will be finalized by the end of June. Its development requires an additional 300 million-euro ($336 million) investment, he said. 

Iran has about 100 billion barrels of oil in 40 offshore fields in the Persian Gulf and Sea of Oman, Bovard added.

EF/MA

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