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$2bn. to Be Invested in Drilling Well

Source: shana 2/6/2004, Location: Asia

TEHRAN -- The National Iranian Oil Company will invest about 2 billion dollars in drilling onshore and offshore wells.The managing director of the National Iranian Oil Company (NIOC), Mehdi Mirmoezzi added that NIOC had started drilling 2,000 wells in subterranean section.

Mirmoezzi said the company was planning to drill 1,000 wells and repair another 1,000 wells next year, adding, "Drilling every onshore well would cost 7 million dollars, while the figure stood at 12-15 million dollars for every offshore well."

Referring to projections for increasing oil sector's capacities by 20 percent during the upcoming year, the official noted that establishment of new companies and development of the private sector's participation in the sector was a necessity.

"Great efforts have been made for developing subterranean section since four years ago. At present, there are 30 private companies conducting studies on oil and gas reservoirs and 10 engineering firms are active in drilling, drilling services and related fields," he said.

Mirmoezzi said that some 70-80 percent of needed equipment for oil industry would be made inside the country by the end of the Fourth Economic Development Plan.

"When current activities in engineering, consultation and policymaking for drilling industry become operational, the country would be self-sufficient in the field," he noted.

The managing director noted that about 30 billion dollars were invested in the oil sector during past five years and more than 50 percent of oil and gas equipment were currently manufactured inside the country.


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Related Articles: Artificial Lift  Cementing, Stimulation  Directional Drilling  Drilling  Drilling Engineering & Equipment Systems  Enhanced Oil Recovery  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 


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