Iran's NIDC begins drilling operations in Namavaran oil field

BAKU, Azerbaijan, Jan. 11

By Elnur Baghishov – Trend:

The National Iranian Drilling Company (NIDC) has begun to drill an exploration well in the Namavaran-1 field in Khuzestan Province (southwestern Iran) with the Fath 74 heavy drilling rig, an official of National Iranian Drilling Company, Saeed Nazari said, Trend reports citing the company’s website.

Nazari noted that the rig, placed in the Namavaran-1 field, which is located in the area of National Iranian South Oil Company (NISOC) has a capacity of 2,000 horsepower and the drilling operations has launched from the beginning of last week.

“In addition, the Fath 89 drilling rig will be located in the Namavaran-2 field and drilling operations will be launched in this oil field,” the official added.

Iran explored a new reservoir in the Namavaran field in November 2019. Then, it is determined that Iran's Namavaran oil field contains 51.3 billion barrels of crude oil. Thus, the Namavaran field is divided into two parts. There are 31.3 billion barrels of crude oil in the Namavaran-1 field and 22 billion barrels in the Namavaran-2 field. Iran can extract 2.2 billion barrels of this volume. About 5.3 billion barrels of crude oil will be extracted from this field with a 10-percent increase in extraction ratio.

Iran has 125 oil fields and 59 gas fields. The country's total hydrocarbon reserves are estimated at 836 billion barrels. With available technology and equipment, Iran can extract 239 billion barrels. Thus, 29 percent of the country's hydrocarbon reserves are recoverable, while 71 percent remain underground.