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Iran’s IOOC signs two agreements for offshore drilling rigs
Yahoo Finance· 2025-10-06 11:07
Group 1 - The Iranian Offshore Oil Company (IOOC) has signed two agreements to acquire advanced offshore drilling rigs to enhance production from oil and gas fields, with approval from the National Iranian Oil Company (NIOC) [1][2] - The new drilling rigs, measuring 350ft and 400ft, will be deployed in Iran's offshore joint oil and gas fields in the Persian Gulf, following a comprehensive deployment strategy [2] - The acquisition of these rigs is expected to accelerate the development of joint oil and gas fields and significantly increase national oil and gas output [2][3] Group 2 - Iran has achieved a new seven-year high in oil and gas production, with average crude oil production exceeding four million barrels per day in 2024, marking a recovery in field capacity [4] - The increase in daily oil production by 247,000 barrels compared to the previous year indicates improved production management by key national companies [4] - The National Iranian South Oil Company contributed nearly 75% of the total output, producing over 914 million barrels of crude oil throughout the year [5] - In the gas sector, Iran's total production reached 1.11 trillion cubic meters, equivalent to the yearly consumption of several medium-sized nations, with the Pars Oil and Gas Company producing 245.9 billion cubic meters [5]