NIDC to renovate drilling equipment
$800m in credit dedicated to Iranian firm
The CEO of the National Iranian Oil Company (NIOC) announced that $800 million in credit has been allocated to the National Iranian Drilling Company (NIDC) for the renovation of drilling equipment.
Speaking at the induction ceremony of the NIDC head on Thursday, NIOC managing Director Hamid Bovard said increasing efficiency and restructuring should be among the NIDC’s priorities, Shana reported.
“We are facing an unequal economic war. Entire parts of the country are linked to the NIOC, and in this way, one of the top priorities of the work has been assigned to the NIDC. So, our focus has been on this company for years,” the official stated.
He emphasized, “We need to support the NIDC, which is an operational company that should be subject to disciplined procedures.”
Today, various drilling rigs with different equipment are working in the company, Bovard said, adding that the NIDC can fetch an enormous amount of forex for the country.
Founded in 1979, the NIDC operates as a subsidiary of the NIOC. NIDC engages in the exploration, development, and drilling of oil and gas wells. It owns and operates drilling rigs and equipment for providing drilling services.