According to president.ir, inked in the presence of President Masoud Pezeshkian and Oil Minister Mohsen Paknejad, a sum of 20 drilling rigs will be added to the country’s onshore fleet under guaranteed purchase of drilling services pact, as the capacity for quality improvement of crude oil to be boosted using swift processing equipment under processing crude oil contract.

Guaranteed purchase of drilling services

As the first signed contract on guaranteed purchase of drilling services, following the NIOC’s several talks on evaluation the investment potential, the company signed the pact with six firms to supply 20 onshore drilling machines of 2,000 horse power.

Under the contract, valued at about $1 billion, a sum of 270 wells will be drilled in five years along with creating job for 4,500 locals of the north oilfields area.

processing crude oil pact

The second contract was on processing crude in oilfields, will increase crude oil extraction from Mansouri (Bangestan), Abtimur, Ramshir, Mansourabad, Koranj and Golkhari.

By inking the contract, the NIOC will purchase crude oil processing services over $1.7 billion under the BOO framework in 10 years.

Once the public-private sector contracts completed, Iran’s daily crude oil processing capacity will increase by 315,000 barrels.

With the execution of the six contracts signed on Thursday and two other pacts inked previously with private sector, a total of 430,000 barrels per day will be processed by private sector. With the implementation of these projects, the country will earn $70 billion in 10 years, as over 7,000 jobs will be created.