Iran drills over 65,000 meters of oil, gas wells in 2 months

Business Materials 23 May 2015 14:44 (UTC +04:00)

Baku, Azerbaijan, May 23

By Umid Niayesh - Trend:

National Iranian Drilling Company (NIDC) has drilled over 65,044 meters of oil and gas wells by its drilling fleet during the first two months of current Iranian fiscal year (March 21, May 22).

The figure is 1,628 meters more in comparison with the first two months of Iranian last fiscal year, Deputy Director of the NIDC Mehran Makvandi said.

The company has completed drilling operations of 33 offshore and onshore oil and gas wells in the period, seven more year on year, Makvandi said, the oil ministry's official SHANA news agency reported May 23.

The drilling includes 15 development operations, one exploration drilling and 17 repair operations, the official said.

the National Iranian South Oilfields Company, Iranian Central Oilfields Company and Iranian Offshore Oil Company share 21, four and three wells, Makvandi said, adding the NIDC also has drilled three wells for Petroleum Engineering and Development Company and one well for National Iranian Oil Company's Exploration Directorate as well as one well having been drilled under contracts.

By holding 157 billion barrels of recoverable crude oil reserves, Iran possesses the world's fourth largest reserves of crude oil.

The Islamic Republic also holds 33.6 trillion cubic meters of proven gas reserves, sharing 18 percent of total global gas reserves, which puts the country in the top of the world's gas holders list.

Iran's current oil production is estimated to be around 2.8 million barrels per day of which about 1 million barrels are exported.

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