Iran's NDC, French Firm Sign Drilling Agreement

EghtesadOnline: France's Altea Resources signed a memorandum of understanding with the North Drilling Company, a subsidiary of the National Iranian Oil Company, to cooperate in drilling-related operations and services.

News ID: ۷۴۴۲۹۸

04 November 2017

The agreement was signed by Hamidreza Golpayegani, NDC's managing director, and a group of Altea Resources' top officials in Tehran on Wednesday, NDC's news portal reported.

"As per the MoU's terms, the French firm will provide NDC with offshore and onshore drilling training and services," Golpayegani said, noting that the two sides have planned to exchange information about well maintenance know-how, casing, wellhead services, cementing, mud logging, drilling fluid engineering, perforation and acid pumping, Financial Tribune reported.

Pointing to protracted negotiations with Altea Resources, a global oilfield solutions provider , the official said, "In line with NIOC's policies to use the international firm's capacity to expedite and modernize drilling activities in the country, NDC finalized its MoU with the French enterprise so that it can play a more active role in domestic mega projects like the development of Phase 11 of South Pars Gas Field in the Persian Gulf, which will be expanded by France’s Total and its partners."

According to the official, Total's officials have agreed to maximize Iranian manufacturers' capacity to develop the giant project. Nonetheless, domestic firms need to comply with standards to be able to have a role in the venture.

Total finalized a deal worth $4.8 billion in July to develop South Pars Phase 11, one of the least developed ventures among 24 phases of South Pars. The French company will collaborate with China National Petroleum Corp and Iran’s state-owned firm Petropars to produce 2 billion cubic feet, or 56 million cubic meters per day of natural gas from Phase 11 of the joint gas field with Qatar.

"To be able to have a say in international projects, NDC should be equipped with state-of-the-art technology," Golpayegani said, adding that devising strategies to cut costs, boosting efficiency and minimizing risk factors top NDC's agenda.

Golpayegani added that NDC has drilled 115 onshore wells as well as 113 offshore wells in the Persian Gulf and in areas bordering Turkmenistan in the Caspian Sea. The company owns 9 onshore and 3 offshore drilling rigs.

NDC was established in March 1999 and started its operational activities as a subsidiary of National Iranian Oil Company in early 2003. It launched its first international project in Turkmenistan in May 2005. Over the past years, NDC has become one of the largest drilling companies in Southwest Asia.

North Drilling Company specializes in drilling oil and gas wells in the Persian Gulf, Caspian Sea, Turkmenistan and the Iranian provinces of Khuzestan, Ilam and Bushehr.

Incorporated in 10 countries and having an operational footprint in over 50 countries, Altea specializes in providing services to international oil and gas industry. Altea's solutions combine rigorous technical knowledge with full local compliance.

The French firm is a group of companies incorporated in 2008 by entrepreneurs with diverse and complementary backgrounds. The firm provides its clients with world class oilfield services and outsourcing of procurement solutions.