According to IOOC, Hamid Bovard said the savings were made in various sectors like drilling, technical services, barges, etc.

“In the past two years, we have seriously cut costs in various sectors including the costs of barges by 35%, and technical services by 40%,” he said.

Bovard said that IOOC had undergone structural modifications and regulations over the period, which had led to savings in the company’s expenses.

As an example, the company has launched a CMMS (Computerized Maintenance Management System) which has been a valuable step in this regard, he added.

The official further added that the company would launch a number of major projects by March 2020 including installation of S1 Platform of the Salman offshore field and Platforms of 7 and 8 of Hendijan Field.

According to Bovard, inauguration of Qeshm Power Plant is also on IOOC’s agenda during the current calendar year.