The CEO of the National Iranian Drilling Company (NIDC), Mehran Makvandi, announced that the National Iranian Oil Company will invest $800 million to purchase 15 onshore drilling rigs this year. An additional $200 to $300 million from the company’s foreign exchange (FOREX) reserves will be allocated for ancillary equipment, such as cementing pumps and nitrogen units, according to SHANA.
Makvandi highlighted NIDC’s objectives for the current Iranian year (1404), which focus on increasing drilling efficiency and modernizing the drilling fleet.
He further pointed out that by the end of 2026, the modernization effort will involve upgrading light, medium, heavy, and ultra-heavy rigs. Expired rigs, such as the Shahid Rajaei and Modares, will be replaced by new ones with capacities ranging from 1,000 to 3,000 horsepower (hp).
He also emphasized that the country aims to drill between 130 and 150 wells this year, underlining that achieving this target hinges on collaboration with clients and targeted investment.
