Iranian domestic companies to indigenize drilling equipment technology

TEHRAN , Dec. 3 (MNA)--National Iranian Drilling Company (NIDC) and Khatam-ol Osia Construction Headquarters will sign a deal in the near future to help indigenize the technology for building equipment related to oil wells drilling. The deal will probably be signed by December 22, marking the 32nd establishment anniversary of the NIDC, the Shana news agency reported. The United States, Britain and Canada announced fresh plans on November 21 to sanction Iran's financial and energy sectors in a move to raise pressure on Tehran to halt its nuclear program. Iran plans to invest as much as $50 billion a year in its oil industry to maintain its position as OPEC’s second-largest crude exporter and boost natural gas production, Oil Minister Rostam Qasemi said. The country needs to increase its output to 5.1 million barrels a day from current 3.9 million barrels by 2015, Qasemi said. Saudi Arabia is the largest producer in the Organization of Petroleum Exporting Countries (OPEC).