Iran Produces over 3.3 mbd of Crude in March
According to OPEC's latest monthly report, Iran's crude oil production increased by 12,000 barrels per day (bpd) in March, reaching 3.335 million bpd.
In accordance with its Statute, the mission of OPEC is to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry.
Last week, CEO of the National Iranian Drilling Company Mehran Makvandi announced the NIDC’s plans to increase the efficiency and modernize the equipment in oil industry.
Makvandi underlined 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.
He elaborated on the 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 Outdated rigs, such as the Shahid Rajaei and Modares, will be phased out and replaced with new rigs with 1,000 to 3,000 horsepower capacity.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 also announced $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.
He also 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.
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