Iraqi Drilling Company to Spend $172m on New Equipment
The Iraqi Drilling Company (IDC) is set to expand its operations following a high-level meeting chaired by Bassem Mohammed Khudair, Deputy Minister of Oil for Upstream Affairs, at the company's headquarters. The session was held in line with directives from Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani.
Attendees included Basim Abdul Karim Nasser, Director General of Basra Oil Company (BCO), IDC Director General Hassan Mohammed Hassan, and senior company officials. The Ministry reiterated its commitment to enhancing IDC's technical and operational capacity to increase revenue and its role in strategic projects.
Deputy Minister Khudair confirmed that the Cabinet has approved a budget allocation of 250 billion Iraqi dinars (~$172 million) for the procurement of new drilling and workover rigs. He expressed gratitude to Prime Minister Mohammed Shia Al-Sudani and Minister Hayan Abdul Ghani for securing the approval and supporting IDC across all fronts.
The Ministry plans to provide IDC with more drilling and workover projects and enable the company to enter partnerships with upstream operators to secure direct production shares-diversifying revenue streams.
Khudair also emphasised the importance of adhering to occupational health, safety, and environmental (HSE) standards, intensifying training programmes, and upholding rigorous safety protocols.
IDC's Director General outlined the company's technical and operational capabilities, noting that most operational challenges are being resolved. He praised the performance of national staff for their efficiency and dedication.
Basra Oil Company's Director General also commended IDC's expertise, highlighting the spirit of national collaboration between oil sector companies and their role in delivering strategic projects that bolster Iraq's economy and production capacity.
(Source: Ministry of Oil)
