Drilling costs $3,500 a meter in Iran

Baku, Azerbaijan, Mar. 6

By Khalid Kazimov - Trend:

While in the US drilling one meter costs $68, it costs $3,000 to $3,500 in Iran to drill one meter of oil or gas well, says Mohammad Keshavars, CEO of Iran Power Plant Projects Management Company (MAPNA).

Speaking during an expert session on the sidelines of Iran's 2nd National Congress of Drilling Industry, he said that the high drilling cost in Iran is mostly due to long elapsed time periods during the drilling operations, SHANA news agency reported Mar. 6.

He also pointed out that since private companies lack the crippling regulations of governmental companies, they take less time for carrying out their drilling projects.

Keshavars went on to state that another problem afflicting Iran's drilling industry is its working capital.

"Due to sanctions, right now drilling companies have a hard time being funded. Nonetheless, it is not possible to fund through foreign sources," he said.

The official added that low job experience of staff and low quality of equipment are other factors that increase drilling costs in Iran.

The equipment is largely imported from China and is of low quality, he pointed out.

China National Petroleum Corporation (CNPC) left Iran's oil projects as an ultimatum over its continuous delays expired last April.

CNPC has been in charge of developing the field for seven years. However, only seven out of the projected 185 wells of the first phase of the oilfield have been drilled so far, the managing director of Iran's Petroleum Engineering and Development Company (PEDEC), Abdolreza Haji Hosseinnejad said in February 2014.

"CNPC was supposed to use 25 drilling rigs at the joint oilfield, but currently only five drilling rigs are active there," he added.

Uzbekistan and Tajikistan discuss the development of trade and economic ties
Uzbekistan and Tajikistan discuss the development of trade and economic ties
Uzbekistan, Tajikistan eye increasing trade turnover
Uzbekistan, Tajikistan eye increasing trade turnover
Azerbaijani and Tajik FMs discuss situation on Azerbaijani-Armenian border
Azerbaijani and Tajik FMs discuss situation on Azerbaijani-Armenian border
Loading Bars
Latest
US residential energy use falls 4 pct in 2020 - EIA
Biden administration approved $735 million arms sale to Israel
Int'l transactions in securities generate net fund outflow from Canada in March
Portuguese scientists create bactericidal varnish
UN agency to provide 706,000 USD to help South Sudan farmers reduce COVID-19 impact
Italy shortens COVID curfew, eases other restrictions
Aeroflot removes all June tickets to Turkey from sale except for two flights - airline
Ryanair posts record annual loss, hopes to break even this year
Turkey reports over 10 170 COVID-19 cases
Georgia will import an additional 1 mln doses of Pfizer vaccine in summer - PM Garibashvili
Kazakhstan strengthening interparliamentary ties with Lithuania
Activities in Iran’s Qeshm port soar
Resident of Azerbaijan’s Sumgayit Chemical Industrial Park exports products to Italy
Azerbaijan sees increase in 4M2021 foreign trade turnover figures
World Economic Forum special meeting in Singapore to not take place
Kazakh, Polish, Ukrainian and Arabian airlines to resume flights to Batumi
Excess pesticide use threatens Turkey's bee population
Azerbaijan’s Baku Metro company opens tender to buy services to modernize railcars
Flights of light aircraft suspended in Iran
Iran's Energy Exchange announces products to be on sale on May 18
Georgia finalizing 10-year economic development plan
Azerbaijan's rating upgraded by Fitch Ratings based on maintaining economic stability - Unicapital
Forces envious of Azerbaijan's success trying to spoil country’s relations with friends - MP
Incident in Georgia purely domestic in nature - Azerbaijani MP
Azerbaijan developing program for transformation of healthcare system
Assistant to Azerbaijani president, NATO deputy Sec-Gen meet in Brussels (PHOTO)
Azerbaijan sends numerous appeals to int’l organizations about Armenia's war crimes
Bronze monument to world-famous Azerbaijani singer to be ready in a month - Trend TV
Command-staff exercises start in Azerbaijan’s Nakhchivan garrison (PHOTO/VIDEO)
EBRD loan portfolio in Azerbaijan shrinks
Iran reveals volume of crude oil to be transported via Goureh-Jask pipeline
Iran, Italy to expand economic ties – FM
Saudia Airlines eyes return to profitability by 2024
Azerbaijan Innovations Export Consortium eyes to expand co-op with Turkic-speaking countries
EBRD's net profit declines in 2020
Activity of Heydar Aliyev Foundation today covers all important spheres of life in Azerbaijan - Russian MP
Novatek to complete Arctic LNG-2 construction one year earlier
Kazakhstan boosts trade with Turkmenistan despite COVID-19
Turkish ŞINLAK HOLDING eyes building solar power plant in Kazakhstan
Uzbek-Chinese JV opens tender for welding electrodes
Turkmenistan's Turkmengas opens tender for purchase of chemical products
Iran's FM discussing international issues with Pope (PHOTO)
Turkmenistan’s Railways open tender for construction of railway station
Azerbaijan's oil exports decline in 4M2021
Uzbek-Chinese JV opens tender for electrical spares parts
France, Germany and Spain strike deal over joint combat jet
Iran’s Bahar Azadi gold coin price again falling
Azerbaijan reports sharp increase in 4M2021 gas exports
Uzbek currency rates for May 18
Uzbekistan Railways notes decrease in net loss
Azerbaijan Economy Ministry cancels requirement of several taxpayers for non-cash payments
EBRD approves working capital loan to Kazakhstan companies operating chromium mine
WTL talks construction of DC, SDA units at Turkmenbashi Complex of Oil Refineries
Uzbekistan, S. Korea eye enhancing bilateral co-op in public security
Kyrgyz Republic’s SMEs Sector to Benefit from ITFC’s US $4 Million Line of Trade Financing Facility
Iran unveils production data of steel products
Germany implementing pilot agricultural project in Azerbaijan
Azerbaijan announces number of citizens vaccinated on May 17
Azerbaijan's 4M2021 revenues from gasoline, diesel retails disclosed
Azerbaijan confirms 426 more COVID-19 cases, 515 recoveries
Iran has potential to become hub for home appliances export
Railway freight traffic between Kazakhstan, Lithuania grows despite COVID-19
Russia ready to assist Armenia, Azerbaijan in border delimitation issue - FM
Volume of Georgian wine exports and its value up
Iran continues to import COVID-19 vaccines
Majority of mobile communication operators in world to support eSIM by 2025 - GSMA Association
Several types of COVID-19 vaccines delivered in Turkmenistan
Active work underway on construction of Pskem HPP in Uzbekistan
Uzbekneftegaz repairs unit for gas purification from sulfur at Mubarek Oil & Gas Production dep’t
Money transfers to Georgia up in April 2021
Lithuania looks to resume regular flights to Kazakhstan - ministry
Kazakhstan boosts mining of iron ores
Unemployment rate down in Azerbaijan
Turkish ambassador meets with head of Turkey-Azerbaijan Interparliamentary Friendship Group (PHOTO)
Baku Boulevard to remain open during 2021 F1 Azerbaijan Grand Prix competition - Baku City Circuit
‘Nar’ team progresses to semifinal in ‘Brain Ring’
Value of chargeable services rendered to Nakhchivan's population in 4M2021 drops
Turkmenistan‘s Turkmenbashi oil refinery develops its industrial potential
Value of Azerbaijan's 4M2021 industrial production down
Kazakhstan’s Pavlodar Oil Chemistry Refinery to buy valves via tender
Indian Shilpa Medicare signs deal to produce Sputnik V
Petrochemical plants to be put into operation in Iran
Kazakhstan boosts imports of Belgium-made goods
EU agrees partial truce with U.S. over Trump tariffs
Dubai eases COVID-19 restrictions, allows full hotel capacity
Azerbaijan announces 4M2021 investments in fixed assets
Azerbaijan to hold auction for shares of joint stocks companies
Azerbaijan announces tasks for using renewable energies in electricity production
Georgia's electronics market shrinking
Cargo transportation volumes surge in Kazakhstan
GPON-based technology being introduced in villages of Azerbaijan (PHOTO)
Iran anticipates another JCPOA Joint Commission Meeting - MFA
No alternative to implementation of trilateral statement on Karabakh - Russian president
Azerbaijan preparing to vaccinate citizens with Russian 'Sputnik V' COVID-19 vaccine
Convention on simplification of customs procedures enters into force for Uzbekistan
Iranian Oil Minister talks about exports, contracts in oil sector
GSMA predicts growth in number of mobile service users in Azerbaijan by 2025
Polish company eyes producing packaging materials for automotive industry in Uzbekistan
Iran reveals COVID-19 data for May 17
Weekly review of Georgian's capital markets (May 10 through May 14)
All news