BAKU, Azerbaijan, September 19. The implementation of the new $200 million memorandum of understanding signed between National Iranian Drilling Company (NIDC), and the National Iranian South Oil Company (NISOC), will begin by the end of the current Iranian year (March 20, 2023), Iranian Deputy Oil Minister and the CEO of the National Iranian Oil Company (NIOC), Mohsen Khojasteh Mehr said, Trend reports citing the NIOC’s website.
“According to the mentioned memorandum, the NISOC should spend about $40 million on the repair and renewal of the drilling rigs of the NIDC per year,” Khojasteh Mehr said.
The deputy minister also added that the National Iranian Oil Company (NIOC) is taking steps to benefit the potential of the NIDC to the maximum level. At present, the NIDC employs about 17,000 people. It is necessary to make maximum use of each drilling rig of this company, considering the number of employees.
Currently, the National Iranian Drilling Company (NIDC) has a total of 72 drilling rigs. The company drilled and upgraded a total of 79 oil and gas wells over the last Iranian year (March 21, 2021 through March 20, 2022).
There are currently 74 oil and 22 gas fields in Iran. So, 37 oil fields are operating in the territory of the National Iranian South Oil Company (NISOC), 14 fields – Iranian Central Oil Fields Company (ICOFC), 5 fields – Arvandan Oil and Gas Company (AOGC), and 18 oil fields – Iranian Offshore Oil Company (IOOC).
In addition, 5 gas fields are operating in the territory of the NISOC, 13 fields – the ICOFC, 1 field – Pars Oil and Gas Company (POGC), and 3 gas fields – the IOOC.
Iran’s total hydrocarbon reserves are estimated at 1.2 trillion barrels. With available technology and equipment, Iran can extract 340 billion barrels. Thus, 30 percent of the country's hydrocarbon reserves are recoverable, while 70 percent remain underground.
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