Iran’s NIDC plans to raise productivity from 67 percent to 90 percent
Date
11/20/2024 6:45:10 AM
(MENAFN) The head of National Iran Drilling Company (NIDC), Mehran Makvandi, has outlined the company’s key objective of increasing productivity from 67 percent to 90 percent as part of its future plans. A critical element of this goal involves modernizing and renovating the drilling equipment, which is seen as essential to improving operational efficiency. To achieve this, the company intends to prioritize the modernization of its drilling fleet, leveraging credit allocated by the National Iranian Oil Company (NIOC) for the purpose of enhancing the company's technical capabilities.
On November 9, the head of NIOC, Hamid Bovard, announced that USD800 million would be allocated to NIDC for the purpose of upgrading the company’s drilling equipment. Bovard emphasized that boosting productivity and restructuring the company, along with instilling a culture of discipline, should be central to NIDC’s priorities. This move aligns with broader efforts to improve efficiency and profitability in the drilling sector, which plays a significant role in Iran’s oil and gas operations.
NIDC, which was founded in 1979 and operates under the NIOC, plays a vital role in the exploration and development of oil and gas wells. The company manages a fleet of drilling rigs and technical services, contributing significantly to Iran's oil and gas extraction. According to Bovard, the diverse range of rigs and equipment within the company’s operations offers a substantial revenue-generating potential for the country, further underscoring the need for effective modernization.
In recent developments, NIDC has made strides in indigenizing its technology. On November 1, Mohammad-Ali Beygzadeh, the director of research, technology, and construction engineering at NIDC, announced that over the past two years, the company has successfully localized the manufacturing of 610 drilling equipment items in collaboration with 160 domestic manufacturers. This initiative has resulted in savings of over 1.586 trillion rials (approximately USD3.17 million) for the company, highlighting the increasing importance of local expertise and resources in Iran’s drilling industry.
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