CEO: Local Builders Break Monopoly of Strategic Oil Equipment

Date: 24 August 2022 - 21:41

News ID: ۱۰۶۱۲۹

TEHRAN – CEO of the National Iranian Oil Company (NIOC) Mohsen Khojastehmehr has said that the country’s manufacturers have acquired the savvy to construct data-x-items in oil industry whose supply was monopolized by certain few in the past, said the CEO of the National Iranian Oil Company (NIOC).
Referring to the manufacturing of strategic equipment by Iranian companies that have limited manufacturers in the Middle East and the world, Khojastehmehr said that Iranian companies should get the necessary preparation for exporting their products.
During the unveiling ceremony of a new wellhead equipment with a working pressure of 15,000 psi (pounds per square inch), which was held on Tuesday morning, Khojastehmehr congratulated the beginning of the government week, saying that the 13th administration from the first days of office had a plan: “It is our pride and honor that the 13th administration had a plan from the first days of its activity, and we all witness planning and decision-making, and things are progressing well and with speed, which are good signs for the Islamic Republic of Iran; When we talk about Jihadi activities, it means the same thing, it means to do things well and quickly.”
Pointing to the importance of the unveiled equipment, he said: “First of all, we should know that fortunately Wellhead Equipment Technology Co. (WETCO) did not take any risks in construction of this equipment and did the work with the most accurate calculations. When we talk about risk, in fact, the work is associated with high uncertainty, but the risk is manageable, and when the work is done with high certainty and excellent engineering, the risk is actually managed.”
The NIOC CEO estimated the hydrocarbon resources in the country as equal to 1,200 billion barrels of oil, and said: “These resources include crude oil, gas and condensates, and according to the reserve statistics book, 159 billion barrels of oil can be extracted from this amount, which can be recovered with the normal recovery rate and the power we have and about 34 trillion cubic meters of gas can be extracted.”
Khojastehmehr called it vital to recover more of the in-place reserves and enhance the recovery rate, and said: “We are far from reaching that 1,200 billion barrels of in-place oil equivalent, and this means that we must plan for the next hundred years and produce advanced equipment.”