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Iran’s ICOFC signs contract with local start-up on domestic well packer production

Oil&Gas Materials 18 April 2023 17:46 (UTC +04:00)
Iran’s ICOFC signs contract with local start-up on domestic well packer production
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, April 18. Iranian Central Oil Fields Company (ICOFC) signed a contract with Iran's TOMEX Startup Company for the production of a well packer within the country, on April 18, 2023, Trend reports citing the ICOFC’s website.

The mentioned contract was signed between Mahmoud Mirbagheri, head of the technical affairs department of the ICOFC, and Jamal Arghavani, Executive Director of TOMEX Startup Company.

The value of the contract is 500 billion rials (about $11.9 million). The TOMEX Startup Company will manufacture 34 well packers and install them in the gas wells planned by Iranian Central Oil Fields Company.

During the signing of ceremony, Mirbagheri said that the mentioned well packers will be installed in the Khangiran, Tang-e- Bijar fields and the gas fields of the South Zagros Oil and Gas Production Company (SZOGPC).

“Based on the contract that came into force today, the equipment is estimated to be manufactured and installed within 2 years,” Mirbagheri added.

The official also pointed out that as a result of the sanctions of the US and western countries against Iran in recent years, various problems have arisen in the provision of needed equipment. Considering these problems and in order to maintain production, a contract was signed with the TOMEX Startup Company on the domestic production of well packers.

On May 8, 2018, the US announced its withdrawal from the Joint Comprehensive Plan of Action (JCPOA) between Iran and the 5+1 group (Russia, China, the UK, France, the US, and Germany) and imposed new sanctions against Iran.

Over the past period, the sanctions affected Iranian oil exports, more than 700 banks, companies, and individuals. The sanctions have resulted in the freezing of Iranian assets abroad.

There are currently 74 oil and 22 gas fields in Iran. So, 37 oil fields are operating in the territory of the National Iranian South Oil Company (NISOC), 14 fields – Iranian Central Oil Fields Company (ICOFC), 5 fields – Arvandan Oil and Gas Company (AOGC), and 18 oil fields – Iranian Offshore Oil Company (IOOC).

In addition, 5 gas fields are operating in the territory of the NISOC, 13 fields – the ICOFC, 1 field – Pars Oil and Gas Company (POGC), and 3 gas fields – the IOOC.

Iran’s total hydrocarbon reserves are estimated at 1.2 trillion barrels. With available technology and equipment, Iran can extract 340 billion barrels. Thus, 30 percent of the country's hydrocarbon reserves are recoverable, while 70 percent remain underground.

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