POGC Inks Rig Deal with Two Domestic Companies

The Pars Oil and Gas Company (POGC) has signed a contract for the construction and lease of two drilling rigs with two domestic companies, the POGC Public Relations Dept. reported.

Calling for an investment worth over $233.5 million, the contract was signed with the National Iranian ِDrilling Company (NIDC) and Iranian Offshore Engineering and Construction Company (IOEC). Project owner, Pars Oil and Gas Company, will rent the rigs for five years.

Under the contract, NIDC and IOEC will build two jackup rigs for the use in the Persian Gulf. The rigs are to be constructed in Khorramshahr Yard, southwestern province of Khuzestan, within two years. The contract enables Iranian companies to acquire and transfer the needed technology for construction of offshore drilling rigs. The issue is of great importance given that Iran currently pays a considerable sum to foreign contractors to rent the equipment.

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