Iran to Allocate Hefty Amount of Fund to Develop Central Oil & Gas Fields

Peyman Imani, The CEO of the Iranian Central Oil Fields Company (ICOFC), said the Central Oil Regions Company has defined around $9 billion in oil and gas projects for investors, adding, some of the projects involve developing oilfields already underway, while about half are allocated to gas field development.

“Once, operational, these projects will increase the country's daily gas production capacity by 100 to 140 million cubic meters,” he went on to say.

In a relevant development in mid March, The National Iranian South Oil Company (NISOC) inked a contract for the mass production of 180 tons of strategic drilling fluid waste control material and the Technology Research Institute of Khuzestan’s Academic Center for Education, Culture and Research.

The drilling fluid waste control material is one of the key materials in the oil drilling industry that is used to prevent the waste of drilling mud in the formation layers. By filling the gaps and holes in the well wall, this material prevents the loss of drilling fluid and helps the stability of the well wall.

“This product has received the necessary approvals from the National Southern Oilfields Company after passing numerous laboratory and field tests,” said Behnam Qodrati, the deputy-head of Khuzestan’s Academic Center for Education, Culture and Research.

“Considering the indigenization of the technical know-how for production of this material, the quality of this product has shown better performance in most field indicators than similar foreign samples,” he added.

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