Digging 500 Wells Crucial for Reaching 4.7mbd Output: NIOC

TEHRAN, Feb. 19 (Shana) – Managing Director of the National Iranian Oil Company (NIOC) Ali Kardor says Iran will need to drill at least 500 wells to reach the output envisaged by the 6th five-year development plan of the country to 2022.

The plan puts the country’s total crude oil output at 4.7 million barrels per day.

Addressing the 4th Iran International Drilling Congress on Saturday, Kardor said it would be crucial for the country to develop the upstream sector of its petroleum industry under various forms of contracts.

He said the country’s crude oil output will reach 4 million barrels by mid-April.

The official said NIOC, one of the world’s biggest oil companies, will start implementing stipulations of the 6th development plan by March.

The plan also puts Iran’s natural gas output at 1.3billion cubic meters per day, requiring 135 drilling rigs to be added to the current 143 operational rigs for this purpose.

“Many of the rigs are outdated and cannot ensure realization of the development plan’s purposes, therefore NIOC would welcome importing state-of-the-art rigs to the country,” the CEO added.

Drilling Magazine Media Intelligence, Contextual Wisdom

Digging 500 Wells Crucial for Reaching 4.7mbd Output: NIOC

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