No Post-Sanction NIDC Limitations

No Post-Sanction NIDC Limitations No Post-Sanction NIDC Limitations

Despite the sharp decline in oil prices, drilling operations in new oil and gas fields have not come to a halt “even for a single day”, managing director of the National Iranian Drilling Company said.

“Since March 2015, the NIDC has not stopped any drilling project despite financial constraints and falling oil prices,” Heidar Bahmani was quoted as saying by Mehr News Agency. Bahmani noted that there is no technological and operational limitations for carrying out drillings in new oil and gas fields nationwide in the post-sanctions period.

However, Salbali Karimi, managing director of Iranian Central Oil Fields Company, said last week, “To curb expenses and manage financial resources, the company’s active drilling rigs will decrease from 22 to 12 by March 2016.” Bahmani said currently, drilling operations are underway in 70 wells of joint fields, adding that NIDC simultaneously employs 75 drilling machinery in offshore and onshore fields. “Under the present conditions, the cost of providing a wide range of oil-related services ismuch lower in NIDC compared to those in foreign companies,” he said.

Last week, NIDC’s deputy CEO, Mohammad Reza Takaidi, told Shana that the company takes part in oil and drilling tenders in Oman, Iraq and Central Asian countries. The NIDC has also reached an agreement with the Italian giant Eni on raising bilateral cooperation in the post-sanctions period.

“Khazar Exploration and Production Company and NIDC concluded an exploration drilling contract last month, based on which NIDC began its exploration by using Fath 56 drilling rig on Dec.16 in Soufikom region in Golestan Province,” Yousef  Etemadi, KEPCO’s managing director, said.

Claiming that the Iran has the leading oil and gas drilling industry among Middle East states, the NIDC chief said the state-owned company has started offshore drilling in the Persian Gulf over the past few years.

Referring to the implementation of drilling works in South Pars phases 9 and 10, the official said, “Drilling operations in 24 descriptive and developmental wells of the development plan of South Pars’ Phase 14 have made a compound 85% progress and are expected to be fully complete by March 2017.”