Iran’s NIDC ready to cooperate with Iraq oil industry

National Iranian Drilling Company (NIDC) says it is prepared to cooperate with the Iraqi oil industry.

NIDC Managing Director Hamid-Reza Golpayegani said on Sunday that the company has held negotiations with Iraq’s oil sector in this regard.

“This company [NIDC] is now capable of competing with foreign companies in the field of drilling operations and providing technical and engineering services,” Golpayegani said.

He added that the NIDC operates over 70 drilling rigs and is able to provide full range of technical and engineering services as a leading company in the region.

The Iranian company is currently implementing drilling projects on a turnkey basis in phases 14, 17 and 18 of South Pars gas field as well as Kish gas field, Golpayegani said.

“This is while, along with drilling operations, we provide services to over 100 drilling rigs in offshore and onshore oil-rich areas of Iran,” said the NIDC managing director.
Iran, which sits on the world's second largest natural gas reserves after Russia, is making efforts to up its gas production by increasing foreign and domestic investment, especially in South Pars gas field.

South Pars gas field contains 14 trillion cubic meters of natural gas -- about eight percent of the world's reserves -- and more than 18 billion barrels of LNG resources.