Ooid grainstone is the main reservoir rock in the Permo-Triassic Dalan and Kangan formations (Khuff equivalents) in many gas fields of the Persian Gulf and neighbouring areas. Ooids with a dominant aragonite mineralogy accumulated in a series of linear shoals and sand banks parallel to the shoreline, on the shallow parts of a vast epeiric carbonate platform. On the basis of the sequence stratigraphic analysis, these reservoir facies mainly developed during relative sea-level rises and increases in accommodation space. Integrated petrographic and geochemical studies reveal that ooid grainstone was altered through a complex diagenetic history, largely controlled by water chemistry, as a result of relative sea-level fluctuations. Two main types of ooid grainstone are the result: dolomitised grainstone or type H and oomouldic grainstone or type M. Dolomitised grainstone is commonly associated with the transgressive systems tract (TST), and developed under hypersaline conditions. In comparison, oomouldic grainstone is predominant in the early highstand systems tract (HST), which was affected by intensive meteoric diagenesis. Petrophysical study indicates that the reservoir properties of these rocks are largely a function of diagenesis. On the basis of their dominant pore types and diagenetic modifications, the ooid grainstone facies of the studied formations are grouped into five reservoir rock types. The spatial and temporal distribution of these rock types and their diagenetic evolution can be predicted within the sequence stratigraphic framework. Among these rock types, porosity has been greatly enhanced by dolomitisation and dissolution in the dolomitised grainstone (DG) and oomouldic grainstone (MG). On the other hand, it has been reduced by cementation and compaction in tightly cemented and compacted grainstones (CEG and COG rock types). The primary porosity has been relatively well preserved in grainstone with interparticle porosity (IPG rock type). The later porosity reduction during burial was also controlled by rock type. This study shows that despite the great burial depth, a significant amount of porosity is still preserved in oomouldic grainstone.