ICOFC in Brief

Established in1999, Iranian Central Oil Fields Company, is one of the five major oil and gas production companies and second gas producer of the country. This company has undertaken production and development of most onshore fields of the country located in Lorestan, Kordestan, Kermanshah, Markazi, Qom, Illam, Khorasan, West & East Azerbaijan, Ardabil, Fars, Bushehr, Hormozgan and Chaharmahal and Bakhtiari, Provinces. At present the company supplies almost half of the country's gas demand.

ICOFC is in charge of development and production from 80 oil and gas fields including 51 gas fields, 28 oilfields, and one oil-gas field. Currently, 13 gas fields and 13 oilfields in the realm of the Iranian Central Oil Fields Company are on stream. ICOFC Headquarters, based in Tehran, is responsible for making policies and adapting macro strategies for oil and gas production and development. Three subsidiaries have been authorized to produce oil and gas from ICOFC oil and gas fields. These subsidiaries are East Oil and Gas Production Company, based in Mashhad, West Oil and Gas Production Company, based in Kermanshah, and South Zagros Oil and Gas Production Company, based in Shiraz.

Major Objectives

• Realization of yearly oil and gas production plan

• Reducing deviations from scheduling fields development plans

• Reducing deviations from financial planning for field development projects

• Reducing the volume of burned associated gases

• Reducing the volume of burned oil

• Increasing production capacity

• Increasing reservoir recovery rate