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FINANCIAL NEWS
Weatherford wins USD843m service contract in Iraq
20 Jun 2012
(MENAFN) US-based oilfield services firm Weatherford won a USD843 million service contract to build crude production units in the Zubair oilfield in Iraq, reported Reuters.
Under the 18-month contract, Weatherford will build six crude production units, with a total output capacity of 300,000 bpd, the Iraqi cabinet said.
In 2010, Iraq awarded 20-year licenses to Italy’s Eni, US-based Occidental Petroleum Corporation and South Korea’s Kogas to develop Zubair oilfield.
The consortium had set an output target of 1.2 million barrels per day (bpd) by 2017.
Zubair’s current output stands at around 254,000 bpd, and is poised to be boosted by 100,000 bpd by the end of 2012.
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