Iranian firms to indigenize drilling equipment technology

Iran Materials 2 December 2011 13:58 (UTC +04:00)

Azerbaijan, Baku, Dec. 02 / Trend F.Milad/

The National Iranian Drilling Company (NIDC) and the Khatam-ol Osia Construction Headquarters will sign a deal soon to help indigenize the technology used for building equipment related to the drilling of oil wells.

The deal will probably be signed by December 22, marking the 32nd anniversary of the establishment of the NIDC, the Shana news agency reported.

The United States, Britain and Canada announced fresh plans on November 21 to sanction Iran's financial and energy sectors in a move to pressurise Tehran to halt its nuclear programme.

Iran plans to invest as much as $50 billion a year in its oil industry to maintain its position as OPEC's second-largest crude exporter and boost natural gas production, Oil Minister Rostam Qasemi said.

The country needs to increase its output to 5.1 million barrels a day from current 3.9 million barrels by 2015, Mr Qasemi said. Saudi Arabia is the largest producer in the Organisation of Petroleum Exporting Countries (OPEC).