Petroleum Engineering and Development Company (PEDEC)
Petroleum Engineering and Development Company (PEDEC) was established in 1994 aiming at supervising the engineering and development of projects by planning, engineering, constructing, and implementing giant oil and gas projects at National Iranian Oil Company (NIOC). PEDEC, as the development arm of NIOC, studies and operates development projects to explore, extract, and produce crude oil, natural gas, and other solid and liquid hydrocarbors (save for coal) to meet NIOC’s requirements, improve upstream technology, and make the most of local sources in implementation of projects. Presently, PEDEC enjoys about 500 well-experienced technicians and capable managers.
To implement a large number of onshore and offshore projects, PEDEC is working with many engineering and contracting companies both within and outside the country’s borders. The company, thereby, provides a platform for the transfer of technology in oil and gas related projects and ushers in an era of technology self-sufficiency in Iran.
To become a fully-nurtured, self-sufficient, and self-contained oil and gas technology company within NIOC
To carry out development projects in line with the Islamic Republic of Iran’s values, the Company shall ensure the followings:
Riskless and safe implementation of projects
Following national requirements
On time implementation of projects
Implementation of projects within allocated budget
Maintaining the quality and ecological balances in projects’ implementation using appropriate methods
Close examination of project implementation to prevent depletion and preserve natural resources for posterity
Choosing the best method to meet logical requirements, projects’ implementation
Adopting appropriate approaches to implement projects following national and international standards
Passion for excellence
Quality cultivation as a way of life and high standards of work culture
Innovation with value addition is an essential element to progress
Cultivation of high standards of ethics and quality for a strong corporate identity
Promotion of integrity and trust is a major principle to success
Boosting harmonious and productive working ties with various contractors so that the projects are coordinated in a most cost-efficient and timely manner.
National Iranian Oil Company’s (NIOC) Board of Directors, as the General Assembly of shareholders, approves annual budget and fiscal financial statements.
Petroleum Engineering and Development Company (PEDEC) consists of a head, a managing director, three to five main members, and two alternate members.
Inspectors: Managing Director chooses one main and one alternate inspector.
The Board Responsibilities
Fulfilling General Assembly’s decisions, providing the budget bills and credits, presenting the company’s policy and the Board’s report, providing annual balance sheet, making appropriate decisions about deals, contracts, plans, projects, and obtain credits and mortgage when approved by General Assembly.