NIOC signs contracts on gas well development
The National Iranian Oil Company (NIOC) signed a contract worth $1.17 billion with four Iranian companies on drilling of 35 wells in South Pars Gas Field.
Announcing the above, NIOC Managing Director Mohsen Khojasteh-Mehr added that the contract also includes boosting the productivity of gas wells as well as maintaining gas production, Shana reported.
The Pars Oil and Gas Company will supervise the implementation of the contract which will be complete in three years, he said.
“Handing over this enormous project to domestic contractors will help develop the gas industry, maintain production and economic growth of the country, while, on the other hand, it will create job opportunities as well as improve domestic capabilities.”
The NIOC intends to hand over similar projects to other qualified contractors to drill more in-field wells.
Iran’s total hydrocarbon reserves amount to the equivalent of 340 billion barrels of crude oil, making the country the largest holder of combined oil and gas reserves in the world.
Iran has a total of 400 oil and gas reserves with some 230 drilling rigs, or platforms, operating in the country’s offshore oil and gas fields.