Iran’s Oil Industry Facing Shortage of Rigs

According to MNA, given the rise in the oil prices and the growth in the world’s oil drilling activities, Iran’s oil industry is facing a shortage of drilling rigs, noted an official with the National Iranian Drilling Company (NIDC). As a result of the record highs in the oil prices, the prices of the offshore oil drilling rigs have increased by up to 300 percent. The Oil Ministry is planning to within the framework of the nation’s Fourth Five-Year Socioeconomic Development Plan, import eight drilling derricks from foreign companies and purchase four more from the domestic manufacturers. The total number of the drilling rigs - the 12 aforementioned units also included - owned by the NIDC will amount to 60 units, whereas at present, the nation’s oil industry is in need of more than 75. Source: MNA