Iran to invest $200 billion to oil industry

Oil&Gas Materials 25 January 2011 11:48 (UTC +04:00)

Azerbaijan, Baku, Jan. 25 / Trend, A.Yusifzade /

Iranian Deputy Minister of Oil and Managing Director of National Iranian Oil Company Ahmad Ghalehbani said that next year is the first year of the Fifth Development Plan (from March 21, 2011 to March 20, 2016), and according to this plan, $150 billion are to be invested in the upstream section and about $50 billion in the downstream of the Oil Industry, SHANA reported.

He said that from the total $150 billion of investment projected to be made in the upstream section of the Oil Industry, $40 billion are allocated to the drilling of 2,400 wells.

Ghalehbani said that more than a quarter of the upstream investments will be made in drilling operations.

He said that the number of onshore drilling derricks will reach 100 next year, the Managing Director of National Iranian Oil Company announced that domestic companies are preparing themselves to supply the derricks required for repair and maintenance of 400 wells in the South Pars.

"Upon the exploitation of the South Pars phases and the other fields under the supervision of Pars Oil and Gas Company (the Iranian calendar years following 1393- 2014 onwards), offshore drilling derricks should be repaired and maintenance operations of 400 wells should be conducted in this field, for which the home companies have already started planning to supply them," Ghalehbani added.

He announced that the number of the onshore drilling derricks of the country will hit about 80,  

"Considering the approved plans for the purchase of onshore drilling derricks by the home companies, the number of available drilling derricks will reach about 100 by the end of the next year", Ghalehbani said.


Ghalehbani says that the drilling of 2,400 productive, descriptive, injection and repairing wells have already been anticipated in the Fifth Development Plan.

"Among all these wells, there will be over 1,700 onshore wells, almost 700 offshore wells and 1,300 productive wells, on the whole", Ghalehbani said.
Saying that in the Fifth Development Plan, 570 derricks must be active on average in the Oil Industry, he noted that Iranian companies are now developing their drilling fleet in a manner that the number of National Iranian Drilling Company's machinery will exceed 80 by the end of the next Iranian calendar year.


Ghalehbani said that one of the priorities of the National Iranian Oil Company is to develop horizontal drillings and use modern technology to improve productivity and increase the productive wells flow rate, as well as to stabilize the production.

Stating that in the entire world's Oil Industry, roughly 74,000 wells have been drilled. About 26,000 are horizontal. He said that over 300 wells have been drilled horizontally in Iran of which a major part is located in the fields of National South Oil Field Company.

He said that this company has achieved the modern technology for horizontal drilling.

The Managing Director of the National Iranian Oil Company added that we are developing the most updated technologies in this area and we intend to develop the horizontally oriented drilling in the wells of the shared fields, and particularly in the South Pars.