Oil minister urges Iran’s private sector to invest in drilling projects

TEHRAN – Iranian Oil Minister Rostam Qasemi has urged contractors from Iran’s private sector to make investments for the procurement of oil and gas drilling rigs.

Offshore drilling operations require expensive equipment, he said on Sunday, adding that over 100 offshore drilling rigs are currently needed, ISNA reported.
Each offshore drilling rig is rented at a cost of around 150,000 dollars per day, while the cost is about 40,000 dollars per day for onshore rigs, he noted.
Qasemi previously said that the Oil Ministry plans to set up a special fund for the purpose of supporting oil producers and contractors, the Shana News Agency reported.
“A plan has been drafted by the ministry, and it will be submitted to the parliament in the form of a bill,” he noted.
Iran plans to become self-sufficient in producing 19 essential pieces of oil industry equipment, such as onshore and offshore drilling rigs, pumps, turbines, and precision tools, Qasemi said in May.
He went on to say that the technology for manufacturing the 19 strategic pieces of equipment should be indigenized before the completion of the Fifth Five-Year Development Plan, which ends in 2015.
He added that domestic production of 52 petrochemical catalysts will begin in the near future.
The international sanctions imposed on Iran have not only not hindered the country’s oil industry, but rather have made the Islamic Republic an exporter of equipment and goods, he pointed out.
“Despite all the threats from our enemies, there is no concern regarding development of the oil industry” due to the country’s reliance on the expertise of Iranian scientists, he added.
Source_ Tehran Times

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