SEATTLE (Oil Monster): Two contracts for the purchase of cutting-edge offshore drilling rigs have been inked by the Iranian Offshore Oil Company (IOOC). The agreements are intended to increase its output from gas and oil fields.
The National Iranian Oil Company (NIOC) has already given its final approval to the aforementioned agreements, which were signed under the special authority of the nation's Oil Ministry, according to Ahmadreza Rasti, CEO of IOOC.
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The 400-foot and 350-foot drilling rigs will be fully compliant with international safety regulations and outfitted with the newest technology. For the deployment of the rigs in the nation's offshore joint oil and gas reserves in the Persian Gulf, technical and engineering preparations have already started. It is anticipated that the rigs' deployment will accelerate the growth of joint oil and gas fields. It will also result in a notable increase in the country's production of gas and oil.
Iran's oil and gas production is thought to have set new records in more than seven years. In 2024, the nation produced over 4 million barrels of crude oil per day on average. In 2025, daily production increased by 247,000 barrels compared to the previous year.
The National Iranian South Oil Company emerged as the major growth contributor, accounting for approximately 75% of the total output.
