Iran's Mostazafan Foundation repairs its oil rigs

Oil&Gas Materials 27 July 2020 14:10 (UTC +04:00)
Iran's Mostazafan Foundation repairs its oil rigs

BAKU, Azerbaijan, July 27

By Elnur Baghishov – Trend:

Iran has saved 60 million euros as a result of the domestic repair of the Sahar-1 and Sahar-2 drilling rigs of the Mostazafan Foundation of Iran, director of Mostazafan Foundation Parviz Fattah told information portal of the Iranian Parliament, Trend reports.

Fattah stressed that these drilling rigs operate on drilling of offshore oil wells.

Fattah added that Iran's Mostazafan Foundation and Iran's Oil Ministry have a two-year contract to operate these rigs in the Persian Gulf.

The director noted that the depth of Iran's oil wells in the Persian Gulf is up to 4,000 meters. However, these drilling rigs can drill up to 6,000 meters.

"The National Iranian Oil Company (NIOC) no longer needs another country to repair oil wells in the Persian Gulf," he said.

Fattah said that the value of each rig is $200 million.

Iran has 125 oil fields and 59 gas fields. Iran's total hydrocarbon reserves are estimated at 836 billion barrels.

With available technology equipment, the country can extract 239 billion barrels. Thus, 29 percent of the country hydrocarbon reserves are recoverable, while 71 percent remain underground.