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FINANCIAL NEWS
Iraq awards drilling contracts worth $500m
01 Apr 2010
(MENAFN) The Iraqi government said that it has awarded nearly $500 million worth of new drilling contracts for the giant Rumaila oilfield, Reuters reported.
Iraq awarded contracts to drill 49 new wells each valued at around $10 million, according to Abdul-Mahdy al-Ameedi, director of the Oil Ministry’s licensing office.
Chinese firm Daqing and a joint venture between Schlumberger and the state-owned Iraq Drilling Company are being awarded contracts to drill 21 new wells respectively, while Weatherford International was awarded with 7 new wells, Ameedi said.
Iraq, in desperate need for cash to rebuild its battered economy after years of war and sanctions, has struck a series of development contracts with global oil majors that could also signal a bonanza for international oil service companies.
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