Gulf Oil and Gas accountACCOUNT

IOOC Saves $237m in Contract Costs

Source: Shana 1/2/2018, Location: Asia

The Iranian Offshore Oil Company (IOOC) says it has saved a total of 237 million dollars in cost of the contracts it has signed with contractors in the fiscal year of 2017-2018.

Salman Khosravi, IOOC director for contractual affairs, said the company could conserve the amount in the contracts that concerned renting operation buoys, rigs and drilling services, and purchase of the chemicals required for operations and light and heavy vehicles during the year which began on March 21.

He said IOOC manage to reduce the cost of its contracts by preferring domestic developers over their foreign counterparts, localization of services, creating a wholesome competitive atmosphere in the company's tenders and cutting the red tape in signature of contracts.

In April, Khosravi had said transparency in contracts with domestic companies operating in the oil and gas industry cut the cost of domestic petroleum projects by 20% in fiscal 2017-2018 compared to the previous year.

"Openness and transparency in tenders for domestic projects in the oil sector has boosted competition among Iranian companies and cut costs by 20%," the IOOC had said.

"IOOC saved 120 million ($128 million) in costs of contracts year-on-year while improving the quality of services and products," Khosravi said.

Financials and Investment News in Iran >>

Indonesia >>  1/13/2019 - Indonesian oil and gas group Medco Energi Internasional said it could offer 340 million pounds ($436 million) in cash for London-listed Ophir , which ...
United States >>  1/11/2019 - Tidewater Inc. (TDW) announced that due to the closing of executive departments and agencies of the U.S. Federal government, including the Securities ...

Egypt >>  1/7/2019 - Egypt will implement an automatic price indexation mechanism on 95 octane gasoline starting in April which will limit price changes to 10 percent, Pet...
Libya >>  12/28/2018 - National Oil Corporation (NOC) declares that November income from sales of crude oil, derived products, and taxes and royalties received from concessi...

Oman >>  12/23/2018 - The Arab Petroleum Investments Corporation (Apicorp), a multilateral development bank, has announced a $100 million investment as part of a consortium...
Canada >>  12/20/2018 - Husky Energy plans to spend approximately $3.4 billion on its capital expenditure program in 2019 as it continues to invest in a deep portfolio of hig...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Iran Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 |

More News

Related Links

Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.