Four Iranian gas, oil wells operational

Business Materials 30 March 2015 13:06 (UTC +04:00)

Baku, Azerbaijan, Mar. 30

By Khalid Kazimov - Trend:

Four gas and oil wells have become operational in the first week of the current Iranian fiscal year (March 21).

Iranian National Drilling Co. Managing Director Mehran Makvandi said that the first well to become operational in the current Iranian year was well number 58 of the Kupal area, where drilling had begun less than one year ago, SHANA news agency reported March 30.

He stated that during the week, 6,897 meters of gas and oil wells had been dug across the country.

Three other wells in Gachsaran, Ahvaz, and Khangiran also turned operational, according to the official.

He maintained that the drilling operations continue round the clock for the whole year.

Makvandi further said that at the start of the Iranian year, his company has placed top on agenda the expansion of its drilling fleet in the on and offshore sections.

Right now 30 percent of the company's drilling rigs are placed at Azadegan, Yaran, Azar, and South Pars gas fields and this year we are going to deploy more rigs, he stated.

The Iranian National Drilling Co. is a major affiliate of the Iranian National Oil Company. It uses 74 rigs on and offshore to cover drilling operations in 10 provinces.

Iran requires drilling 500 new wells annually to hit oil production target of 4.7 million barrels per day.

The sixth five-year national development plan (2015-2020) has envisaged that the country's oil and gas output to hit 4.7 million barrels per day and one billion cubic meters per day, respectively.

Currently, 50 percent of oil and gas wells in Iran are drilled by the private sector.

Edited by CN