900 oil wells drilled in Iran since 1979 revolution
TEHRAN, Dec 22 (AFP) - Iran, the world's second largest oil producer,
has drilled about 900 oil wells on its territory since the 1979 Islamic
revolution, the National Iranian Oil Drilling Company (NIODC) said here
on Tuesday.
"The company was created in 1979 on the orders of the founder of
the Islamic Republic Imam Khomeini, and since then it has drilled about
900 wells and maintained or repaired another 420," added Heidar Bahmani,
the company's mangaging director.
The NIODC is "entirely self-sufficient and can begin drilling work
anywhere in the country or abroad," he was quoted as saying by papers
here.
He confirmed the company is currently carrying out drilling in Turkmenistan
where it has dug a 950-metre well and where "work is continuing."
Iranian President Mohammad Khatami called last week for the modernization
of the Iranian oil industry and the discovery of new oil fields in the
country, which depends on over 80 percent of its hard currency revenues
on the sale of oil.
"We must devote our efforts to develop our oil industry and especially
discover new oil fields," he said, describing oil not as "income"
but as capital for investment.
The country has seen a sharp fall in revenues with oil prices falling
to historic lows on global markets, and the government faces a budget deficit
of over six billion dollars this year, which it has sought to meet by a
Central Bank loan, curtailing expenses and issuing debt instruments.
Iran signed a 19.8 million dollar oil exploration deal with foreign
oil companies Royal Dutch/Shell and Lasmo in mid-December, under which
the firms will explore parts of the Caspian sea for oil over an 18-month
period.
