Petroiran Development Company (PEDCO) was established in 1997. With the approval of National Iranian Oil Company's board of directors in order to manage and implement oil and gas industry upstream projects, it was registered in Jersey Island, England.
In the first thirteen years of its activity, the company had bright achievements in development of giant oil and gas fields such as Nosrat & Farzam, Salman, Foroozan and South Pars oil layer, all in the Persian Gulf and mostly through Buy-back contracts. In addition, Azadegan Oil Field Development project is under implementation by PEDCO on behalf of Naftiran Intertrade Company (NICO). This was due to changes of INPEX and NICO capital shares since October 2006 and last year it was delivered to China National Petroleum Corporation International (CNPCI).
Additionally, Sirri-Assalouyeh project was under construction to transfer gas via a 32 inches pipeline from Sirri Island to Assalouyeh port.
PEDCO has also entered into a joint venture with Belarus state oil company, Belorusneft, and the two companies have signed a Buy-back contract to develop the Jufeyr oil field in the province of Khuzestan, South of Iran.
Moreover, the contract of Integrated Drilling Services project was signed between PEDCO as the contractor and the Iranian Offshore Oil Company (IOOC) as the client to supply drilling and maintenance services of oil and gas wells in the Persian Gulf.
Relying on modern management techniques, highly experienced managers and skilled experts, PEDCO has taken long steps in order to realize Iran's Petroleum industry objectives.