TEHRAN - The head of the National Iranian Oil Company (NIOC) has announced the allocation of $800 million to the National Iranian Drilling Company (NIDC) for the modernization of the company’s drilling equipment, Shana reported.

“Increasing productivity and reforming the company's structure, along with work discipline, should be among the priorities at the National Iranian Drilling Company,” Hamid Bovard said at the inauguration ceremony of NIDC’s new head on Thursday.

National Drilling Company is an operational company and discipline should be at the forefront of its work. Today, different rigs with different equipment are operating in this company, which can definitely bring a lot of revenues for the country, the official noted.

NIDC is a subsidiary of National Iranian Oil Company which was founded in 1979 and is based in Ahwaz, southwestern Iran. The company engages in the exploration, development, and drilling of oil and gas wells. It owns and operates drilling rigs and equipment for providing drilling services.

Bovard appointed Mehran Makvandi as the new managing director of the National Iranian Drilling Company, replacing Hamidreza Golpayegani in the position.

Makvandi previously served as NIDC’s director of operation, engineering, and technical services.

On November 1, Mohammad-Ali Beygzadeh, the director of research, technology and construction engineering at NIDC, said that the company has managed to indigenize the knowledge for manufacturing 610 drilling equipment items in collaboration with domestic manufacturers and engineers over the past two years.

He said by localizing these items, more than 1.586 trillion rials (about $3.172 million) has been saved for the company.

According to the official, the mentioned items were manufactured by 160 domestic companies including 85 knowledge-based firms.

NIDC has also signed 90 deals with the country’s universities and research centers for conducting research studies related to the drilling industry, he noted.

EF/MA