IRAN TARGETS MORE RESERVES WITH EXPANDED EXPLORATION CAMPAIGN
National Iranian Oil Co. (NIOC) is stepping up its exploration program in an attempt to find another 2.5 billion bbl of oil and 40 tcf of gas during the next 5 years. Exploration took second place to maintaining productive capacity during the Iran-Iraq war and its aftermath. As a result, few wells were drilled in the 1980s. NIOC plans to boost its current fleet of two onshore and two offshore rigs to a total of 12 rigs for exploratory drilling.