Iranian companies to indigenize drilling equipment technology

Dec 02, 2011 12:00 AM

National Iranian Drilling Company (NIDC) and Khatam-ol Osia Construction Headquarters will sign a deal in the near future to help indigenize the technology for building equipment related to oil wells drilling.
The deal will mark the 32nd establishment anniversary of the NIDC.

The United States, Britain and Canada announced fresh plans on November 21 to sanction Iran's financial and energy sectors in a move to raise pressure on Tehran to halt its nuclear program.
Iran plans to invest as much as $ 50 bn a year in its oil industry to maintain its position as OPEC’s second-largest crude exporter and boost natural gas production, Oil Minister Rostam Qasemi said.

The country needs to increase its output to 5.1 mm bpd from current 3.9 mm barrels by 2015, Qasemi said.
Saudi Arabia is the largest producer in the Organization of Petroleum Exporting Countries (OPEC).

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