Delay in IOOC feasibility project for FPSO Cyrus offloading system
03 Jun 2019 - Upstream Costs and Technology | Headline Analysis
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Kelvin SamKelvin SamPrincipal Research Analyst

IOOC's (Iranian Offshore Oil Company) feasibility study for either an installation of SPM or CBM system to the FPSO Cyrus offloading operations in the Persian Gulf, would likely encounter delays due to financial issues in the midst of renewed US sanctions on Iran.

The feasibility study, conceptual design, and preliminary analysis will cover technical and economical comparisons of an SPM or CBM system for safe offloading from FPSO Cyrus to another vessel, which will be carried out for 180 days. The FPSO Cyrus is also known as the FPSO Koorosh, which is the old Persian name for Cyrus. It commenced operations in the SPOL (South Pars Oil Layer) in South Pars field in the Persian Gulf in April 2017. However, it is understood that due to the renewed US sanctions since the second quarter of 2018, crude oil export from the FPSO Cyrus has been halted. At present, production is only limited for domestic use.

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