Page 19 - MEOG Week 39

MEOG NEWS IN BRIEF MEOG

Based on sales pipeline growth, increased been even experiencing major progress and conducted for the mentioned onshore and
demand of new projects and required global development in different sectors. offshore wells.
expansion, Data Gumbo has executed this One of the major areas with proper The drilled wells consisted of 21
first close of its Series B. Additionally, the development has been the digging industry. development/appraisal wells, 42 workover
capital will be used to mature its massively Not only the digging operations of oil and wells, and one exploration well.
interconnected blockchain network, gas wells have been conducted as expected, Holding 70 onshore and offshore drilling
GumboNet™, in support of capturing this sector has also managed to indigenize the rigs as well as equipment and facilities for
increased market share across asset-heavy and know-how to manufacture some major parts offering integrated technical and engineering
capital-intensive industries including oil & and equipment. services, the National Iranian Drilling
gas, construction, mining and manufacturing. Back in May, an official with the National Company accounts for a major part of drilling
Data Gumbo’s funding totals $14.8 million to Iranian Drilling Company (NIDC) said that exploration as well as appraisal/development
date. the company has indigenized the knowledge wells in the country.
“Time is of the essence to capitalize on for manufacturing 6,000 drilling equipment As previously announced, the company
greatly increased demand for our network, in collaboration with domestic manufacturers has dug over 240 oil and gas wells across the
and we’re making key hires to support our and engineers in the previous Iranian calendar country in the past two years.
growing commercial success and market year (ended on March 19). TEHRAN TIMES
penetration in oil & gas and adjacent According to Behnoud Mansournejad, the
industries,” said Andrew Bruce, CEO and head of NIDC’s Technology and Engineering
Founder, Data Gumbo. “This funding will Department, before this success, the OIL
solidify Data Gumbo’s leadership position technology for manufacturing the mentioned
realizing transactional certainty through equipment was in the possession of a handful Iran offers to repay
smart contracts. We are thrilled to partner of foreign companies.
with L37 and their expert team to apply our Among this equipment, the parts related government sukuk with oil
network to solve problems and generate value to the rotary Blow out Preventers (BOP) used
for our customers in this considerably difficult in air drilling operations have been tested in Iran will allow holders of government sukuk,
environment.” operation and approved by the operational or Islamic bonds, to be repaid in crude oil
In the current global business units for optimal performance. exports, state-run Press TV reported, citing a
environment, it is imperative that industry Mansournejad said that the use of the finance ministry announcement.
reduces inefficiencies to cut costs and domestically-made parts and equipment Holders of sukuk due before May 2021 can
streamline operations. As a network of saved the country 45 billion rials (about $107 apply to receive the equivalent of their bonds
companies, customers, suppliers and vendors, million) in the previous year. and their interest in crude cargoes, it said.
GumboNet enables participants to reduce For the current year, a list of basic It’s unclear how the transactions would
contract leakage, free up working capital, equipment needs of the country have been work -- presumably, the bondholders could
improve cash and financial management, identified in collaboration with NIDC’s be given options on futures contracts, but the
and deliver material provenance through the operational and support departments to mechanics are not spelled out in the report.
deployment of blockchain-powered smart be indigenized by local companies and Iran has considered a number of options
contracts. knowledge-based firms for the first time, he to boost state revenue battered by the
DATA GUMBO added. coronavirus crisis and U.S. sanctions. Earlier
Besides the measures taken for this year, it was planning to offer oil-backed
Oil, gas wells digging indigenizing the manufacturing of parts and securities to its citizens and to sell stakes in
state companies on the local stock market.
equipment required in the digging industry,
industry noticeably NIDC has also achieved outstanding successes 2018, when the United States exited Tehran’s
Iran’s economy has been suffering since
in conducting the digging operation.
progressing in Iran that the National Iranian Drilling Company nuclear deal with six world powers and re-
The most recent report in this due shows
imposed sanctions, strangling Iran’s oil trade.
While the development of Iran’s oil and gas has dug 64 oil and gas wells during the first This would be the first time Iran has used
industry has never been halted by the U.S. half of the current Iranian calendar year oil to repay bonds issued in the local market,
sanctions, and also not hindered by the (March 20-September 21). said Press TV.
coronavirus pandemic, the industry has Some 36,547 meters of digging has been REUTERS

Week 39 30•September•2020 www. NEWSBASE .com P19