BAKU, Azerbaijan, November 15. Iran needs 5 trillion rials (about $119 million) to produce highly controlled drilling rigs used in the oil and gas sector, said Rouhollah Dehgani Firouz Abadi, deputy director of the Science, Technology, and Economic Knowledge Base Department of the Iranian President Office, Trend reports.
He spoke at a signing ceremony in Tehran on November 14, where a memorandum of understanding and a contract were signed between the National Iranian Oil Company (NIOC) and his department.
Firouz Abadi noted that 2 trillion rials (about $47.6 million) of these funds will be provided by Raya Energy Company, and 3 trillion rials (about $71.4 million) will be provided by the Science, Technology, and Economic Knowledge Base Department of the Iranian President Office.
He added that the National Iranian Oil Company will be able to use the mentioned equipment for 10 years.
The deputy director also pointed out that after the first domestic production of the equipment, Iran will focus on mass production and achieve self-reliance in the field of drilling rigs.
Iran’s total hydrocarbon reserves are estimated at 1.2 trillion barrels. With the available technology and equipmen
On November 14, a memorandum and a contract were signed between the National Iranian Oil Company and tt, Iran can extract 340 billion barrels. Thus, 30 percent of the country's hydrocarbon reserves are recoverable, while 70 percent remain underground.he Science, Technology, and Economic Knowledge Base Department to maintain and increase production in oil and gas fields.
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