Iran drills 121 kilometers of oil, gas wells in 4 months

Business Materials 26 July 2015 14:43 (UTC +04:00)

Baku, Azerbaijan, July 26

By Umid Niayesh - Trend:

National Iranian Drilling Company (NIDC) has drilled about 121,287 meters of oil and gas wells by its drilling fleet during the first four months of current Iranian fiscal year (March 21, July 21).

The company has completed drilling operations of 60 offshore and onshore oil and gas wells in the period, 12 more year on year, Deputy Director of the NIDC Mehran Makvandi said, the official IRIB news agency reported July 26.

The company's drilling fleet currently includes 73 rigs, the official added.

The drilling includes 31 development operations, two exploration drilling and 27 repair operations, Makvandi said.

The National Iranian South Oilfields Company shared 39 of the drilled wells, followed by Iranian Central Oilfields Company (five wells) and Iranian Offshore Oil Company (four wells), Makvandi said.

He further said that the NIDC has drilled 10 wells for Petroleum Engineering and Development Company and two wells for National Iranian Oil Company's Exploration Directorate.

By holding 157.8 billion barrels of recoverable crude oil reserves, Iran possesses the world's fourth largest reserves of crude oil.

The Islamic Republic also holds 34 trillion cubic meters of proven gas reserves, sharing 18.2 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 one million barrels are exported.

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