The chairman of the board of directors of Iran’s Oil Exploration Operations Company (OEOC) emphasized that boosting production from joint oil fields should be regarded as a top priority. He stated that with the development of the drilling industry, there is full readiness to expand and increase extraction from these fields.

Hedayatollah Khademi highlighted drilling as the foundation of the petroleum industry and, by extension, the national economy. He added that improving collaboration with contractors to overcome existing obstacles remains a priority.

Khademi described Iran’s Oil Exploration Operations Company as a growing enterprise, noting that, with strong trust from clients and all eight owned drilling rigs in operation, the company is expanding and upgrading its fleet to meet the needs of new clients. He said that the second half of 2024 would mark a new chapter for exploration operations in Iran’s drilling sector.

He emphasized that increasing production from joint fields is Iran's foremost priority, adding that there is complete readiness to expand operations in these fields.

Khademi further stated that with available potential in human resources and satisfactory quality, if long-term contracts with the National Iranian Oil Company (NIOC) are secured, Iran’s Oil Exploration Operations Company is prepared to take responsibility for developing certain joint fields. This would involve collaboration with other Iranian petroleum firms and, if necessary, foreign experts to boost Iran’s share of extraction from joint fields, thereby safeguarding national interests and addressing shortages.

He pointed out that continuous, professional training of young employees domestically and abroad has been instrumental in the company’s achievements. Additionally, the experience of seasoned professionals has enhanced confidence in the organization’s major decision-making processes.

Reflecting on the company’s performance in 2023 and the first half of 2024, Khademi noted a 100% project execution rate, which, alongside generating approximately 3 trillion tomans in revenue, has yielded about 3 trillion rials in net profit for the company.

Reduced drilling time in joint oil fields

Mohammad Moein Pourhosseini, Deputy of Operations at Iran’s Oil Exploration Operations Company, highlighted the company's strengths in synergy, alignment, experience, and the youthfulness of its drilling fleet and management team. He explained that recent projects, including the drilling of three wells in the Azadegan oil field, were completed 31 days ahead of schedule, while the drilling of two wells in the Bibi Hakimeh oil field finished 70 days early, and a well in Mansourabad was completed about 45 days ahead of plan.

Pourhosseini stated that these efficiencies resulted in over 1.4 trillion rials in cost savings for both public and private clients. This accomplishment has not only saved costs but also provided Iran’s Oil Exploration Operations Company with a competitive advantage, setting a record within the drilling sector.

He attributed the company's success to teamwork, effective planning, optimized resource management, timely and quality maintenance, decisive decision-making at both strategic and operational levels, and a combination of a young technical and operations team with experienced professionals.

Pourhosseini added that the company currently operates four active drilling rigs in the southern oil-rich regions, two rigs in the 28-reservoir projects, and two rigs in the EPD (Early Production Development) project at the South Azadegan joint oil field, all operating continuously according to schedule.

He also identified the provision of ancillary drilling and production services as another key competitive advantage, which has positioned Iran’s Oil Exploration Operations Company as the second-largest onshore drilling company and service provider in Iran after the National Iranian Drilling Company.

Pourhosseini emphasized that these capabilities, alongside high service quality, have increased clients' interest in integrated cooperation with the company.

The company’s ancillary services include mobile tubing, acidizing, nitrogen lifting, well logging and wellhead services, surface and downhole testing, formation testing, casing and tubing running, cementing, directional drilling for casing, coring, and well testing with MPFM equipment. He assured that each of these services is delivered with the highest operational and support quality.

Drilling of 6 new wells in the South Azadegan joint oil field

Rashid Ansari, Head of Drilling Engineering at Iran’s Oil Exploration Operations Company, identified the company’s drilling contract model as a key factor in its success. He explained that a carefully planned approach has been adopted, making rig relocation a key operational indicator, with all activities before, during, and after rig moves meticulously scheduled.

Ansari noted that Iran’s Oil Exploration Operations Company was the first to replace traditional contract structures with a new, mutually beneficial, “win-win” exploration operations model, which has been approved. This change has positively impacted the company's profitability and performance, with drilling efficiency reaching between 98% and 100% in 2023 and the first half of this year.

He described the South Azadegan field development project as a successful venture. In the first phase, which began on February 20, 2023 under the new contract model, the company completed the drilling of six wells, as well as the repair, completion, and artificial lifting of ten wells with full material and equipment support. Now, in the second phase, they have commenced drilling one additional well and are set to repair and complete four more wells.

In conclusion, Ansari emphasized the importance of identifying and addressing the root causes of drilling issues as a crucial approach in overcoming operational challenges. Alongside comprehensive planning and design, root-cause analysis is essential for decision-making and developing effective drilling guidelines in large-scale projects.

BY WPB