BAKU, Azerbaijan, April 8. The National Iranian Oil Company (NIOC) will spend $1 billion on the purchase of rigs and additional equipment for drilling oil and gas wells in the current Iranian year (from March 21, 2025 through March 20, 2026), Managing Director of the National Iranian Drilling Company (NIDC) Mehran Makvandi told reporters, Trend reports.
According to him, the NIOC will spend $800 million on the purchase of 15 drilling rigs in onshore areas.
Makvandi also pointed out that nearly $200-300 million will be spent on the purchase of additional equipment, including various types of pumps.
He added that it's planned to drill 130-150 oil and gas wells in the country this year, and this goal will be implemented based on orders from entrepreneurial companies and investors.
A total of 74 oil fields and 22 gas fields are currently operating in Iran. There are 37 oil fields in the territory of the National Company of Iran's Southern Oil Zones, 14 in the territory of the Iranian Central Oil Zones Company, five in the territory of the Arvandan Oil and Gas Production Company, and 18 in the territory of the Offshore Oil Company. Additionally, the South Oil Zones National Company of Iran operates five gas fields, the Central Oil Zones Company operates 13, the Pars Oil and Gas Company operates one, and the Offshore Oil Company operates three.
Iran's total hydrocarbon reserves are 1.2 trillion barrels. Iran can produce 340 billion barrels of this gas with existing technological equipment. Iran can use about 30 percent, while 70 percent remains unused underground.
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