Dec 02 2011
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Iranian domestic companies to indigenize drilling equipment technology
The deal will probably be signed by December 22, marking the 32nd establishment anniversary of the NIDC , the Shana news agency reported.
The United States, Britain and Canada announced fresh plans on November 21 to sanction Iran's financial and energy sectors in a move to raise pressure on Tehran to halt its nuclear program.
Iran plans to invest as much as $50 billion a year in its oil industry to maintain its position as OPEC's second-largest crude exporter and boost natural gas production, Oil Minister Rostam Qasemi said.
The country needs to increase its output to 5.1 million barrels a day from current 3.9 million barrels by 2015, Qasemi said. Saudi Arabia is the largest producer in the Organization of Petroleum Exporting Countries (OPEC).
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