Iran has confirmed that it will drill 20 new wells at its South Azaegan oil field.
Iranian news agency IRNA quoted Mahmoud Marshi, CEO of National Iranian Drilling Company (NIDC) as saying that the company had been awarded the contract to drill the wells.
Marshi said that eight companies had submitted bids for drilling 20 wells in South Azadegan.
“After financial and technical assessments, the NIDC was named the winner of the tender,” he said.
NIDC will begin drilling the new wells over the next two years, using a total of six drilling rigs.
Iran is currently in the process of increasing its production levels following the removal of international sanctions. The Islamic Republic currently produces around 3.65 million barrels per day but aspires to raise its production levels to over 4 million barrels per day in the coming months.