Mehran Makvandi discussed the NIDC’s plans for the current Iranian year (1404), stating that increasing drilling efficiency and modernizing the fleet are top priorities.

Emphasizing the need for high-efficiency use of available capital, he said the company’s non-productive time (NPT) dropped from about 20% last year to 8% through improved management and focus. The goal is to further reduce NPT to 3% this year.

Investment in equipment development 

The CEO outlined extensive plans to upgrade and rebuild the drilling fleet, noting that by late 2026, the modernization process will cover light, medium, heavy, and ultra-heavy rigs. Outdated rigs, such as the Shahid Rajaei and Modares, will be phased out and replaced with new rigs with 1,000 to 3,000 horsepower capacity.

Makvandi reiterated the $800 million investment from Iran’s oil revenues for 15 onshore rigs this year, with an additional $200 to $300 million from its funds for supporting equipment.

Plans for new well drilling 

He highlighted plans to drill 130 to 150 wells this year, stressing that this goal depends on collaboration with clients and focused investment. Human resources and equipment are key factors in improving drilling efficiency.

The CEO expressed optimism that ongoing efforts and future plans will enhance drilling performance and help achieve the company’s targets for 1404.